Dangote Petroleum Refinery has once again raised the gantry price of Premium Motor Spirit, commonly known as petrol, adding N65 per litre just three days after its previous revision.
The latest revision moves the refinery’s gantry price from N1,200 to N1,265 per litre, effective Sunday. This marks the third price hike implemented by the facility in an eight-day window, pushing the total rise over this timeframe to N100 per litre, an 8.6 per cent increase.
Details of the operational change were outlined in an official price change notice issued by Dangote Petroleum Refinery and Petrochemicals FZE and obtained by Sunday PUNCH. In addition to the gantry adjustments, the refinery raised its coastal price from N1,582,380 to N1,669,545 per metric tonne.
Customers were instructed to submit all existing Authorisations to Collect for updated pricing before loading can proceed.
You are advised to return all ATCs for repricing, and a new volume contract will be issued for immediate loading resumption, the company stated in the communication.
This latest adjustment reflects a 5.4 per cent jump in the gantry rate. Earlier in the month, the refinery adjusted its price from N1,165 to N1,185 per litre on August 21, followed by a N15 increase to N1,200 on August 26. In total, the refinery’s pump price benchmark at the gantry has risen by N100 in slightly over a week.
Industry analysts expect this shift to trigger immediate price adjustments across depots and retail outlets as oil marketers recalculate their inventory expenses. The decision comes against a backdrop of global oil market volatility, surging freight charges, and ongoing concerns regarding international crude supplies and logistics costs.
Data from the industry pricing platform Petroleumprice.ng suggests that the shift is tied to rising freight costs, along with fears surrounding global crude supply disruptions steming from Iran-US tensions.
Following the August 26 price adjustment, independent petroleum marketers voiced concerns that sharp swings in foreign exchange, crude prices, and market logistics were creating severe operational hurdles.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, noted during the previous hike that petrol was already selling between N1,250 and N1,300 per litre in various regions. He cautioned that continued instability in global crude markets would intensify price fluctuations and place a heavier financial load on everyday consumers.
With the current modification, Dangote’s gantry price stands N265 above the N1,000 baseline, pointing toward inevitable hikes in retail pump rates and transportation fares nationwide.
As Africa’s largest refining facility with a 700,000-barrel-per-day capacity, the Dangote refinery serves as a primary source of refined petroleum for the Nigerian market. Reports from Reuters indicate that while the plant is running close to its full processing capacity, between 30 and 40 per cent of its crude feedstock is imported. This ongoing dependence on foreign crude exposes operational costs to global market shifts, shipping rates, and international logistics costs, signaling further downstream price volatility in the days ahead.
