Amid escalating geopolitical tensions in the Middle East and their impact on global energy markets, the Dangote Petroleum Refinery has increased its gantry prices for petrol and diesel, adding fresh strain on consumers and businesses across Nigeria.
A senior official at the refinery confirmed on Tuesday night that the price adjustment was driven by rising international crude oil benchmarks and prevailing market conditions.
Under the new pricing structure, petrol rose by N75 per litre to N1,275—an increase of about 5.02 per cent while diesel surged by N200 per litre to N1,950. This represents a significant jump from last month’s prices of N1,200 for petrol and N1,750 for diesel, putting diesel on course to exceed N2,000 per litre at the pump.
“The adjustment is in line with global market trends,” the official said. “Ongoing tensions in the Middle East have impacted crude oil prices, and these external factors directly influence refined product pricing. Petrol has been increased by N75, while diesel has seen a sharper rise of N200 per litre.”
Data from Petroleumprice.ng supports the development, confirming a 5.02 per cent increase in petrol prices at the gantry level.
The hike comes despite earlier expectations that increased local refining capacity would help stabilise fuel prices. Analysts note that Nigeria remains vulnerable to global oil price volatility due to its reliance on international crude benchmarks.
Marketers are expected to pass on the increased costs to consumers, potentially triggering a nationwide rise in pump prices in the coming days.
Global oil markets have remained unstable in recent weeks due to rising tensions in the Middle East a key oil-producing region where any threat to supply routes often leads to price spikes that ripple across global fuel markets.
Although Nigeria is an oil-producing nation, its deregulated downstream sector means fuel prices are largely dictated by market forces, including global crude prices, exchange rates, logistics, and refining costs.
While the Dangote refinery Africa’s largest was anticipated to reduce reliance on fuel imports and stabilize prices, experts warn that as long as crude pricing remains tied to global benchmarks, domestic fuel costs will continue to fluctuate.
The latest increase raises concerns about affordability, as Nigerians already face high transportation and energy costs. Prolonged price hikes could further intensify inflationary pressures and hinder economic recovery.
