The Dangote Petroleum Refinery has raised its petrol gantry price to a record N1,350 per litre, marking the fourth increase in under a month. This adjustment represents a N185 per litre increase from the N1,165 charged on August 21, translating to a 15.9% jump in about three weeks. The development is already filtering through the downstream petroleum market, with filling stations adjusting pump prices to between N1,380 and N1,400 per litre in some locations.
Four Price Increases in Under a Month
The refinery's latest increase took effect on Saturday, when its gantry price rose by N85 from N1,265 to N1,350 per litre. Dangote had increased the price from N1,165 to N1,185 on August 21 before adding another N15 on August 26, taking it to N1,200. Three days later, the refinery announced another N65 increase to N1,265 before Saturday's N85 adjustment pushed the price to N1,350.
A circular from Dangote Petroleum Refinery and Petrochemicals also showed that its coastal price increased from N1.67 million to about N1.78 million per metric tonne. The latest adjustment has drawn attention because Brent crude is trading around $104 per barrel, below the level reached during the earlier surge in international oil prices.
Crude Oil Price Raises Questions
Findings showed that when Brent climbed above $115 per barrel during the previous spike, Dangote's petrol gantry price remained below its current N1,350 level. Crude oil remains the refinery's principal feedstock, while the naira-dollar exchange rate also plays a significant role in determining production costs.
When Brent dropped below $80 per barrel in June, Dangote reduced its petrol price to N1,175 per litre. At the time, a refinery official explained that further reductions could take time because the facility was still processing crude purchased at higher prices. A petroleum marketer, who requested anonymity, said the latest increase had renewed questions over how quickly changes in global crude prices are reflected in domestic petrol prices.
However, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, said the refinery was responding to movements in global oil prices, according to a report by Punch. He warned that petrol could climb towards N2,000 per litre if international prices continue rising without government intervention. Ukadike urged the Federal Government to consider supplying crude to domestic refineries under pricing arrangements that could help shield Nigerian consumers from extreme movements in the international market.
Filling Stations Adjust Pump Prices
Dangote's pricing has become an important benchmark for Nigeria's downstream market, meaning changes at the refinery often trigger adjustments by depots, marketers and filling stations. Following the latest increase, petrol prices have climbed to between N1,380 and N1,400 per litre at some filling stations, adding further pressure on motorists already struggling with higher transport and living costs.
The increase also comes as Dangote Refinery opens its initial public offering on Monday, September 14. The company is offering 4.1 billion ordinary shares at N525 each, potentially raising about N2.15 trillion if fully subscribed. The offer is expected to remain open until October 13. Dangote plans to use proceeds to support expansion, including a proposed increase in refining capacity from 700,000 barrels per day to 1.4 million barrels per day.
Diesel Prices Cross N2,000 per Litre
Legit.ng earlier reported that the price of Automotive Gas Oil (AGO), popularly known as diesel, has climbed above N2,000 per litre in parts of Nigeria, putting fresh pressure on businesses and consumers. A market survey showed that diesel sold for between N2,000 and N2,020 per litre on Friday, September 4, 2026, across AA Rano, Empire Energy, Ranoil and other filling stations in Abuja and its environs. For Nigerian motorists, attention remains firmly on fuel prices as the refinery's N185 increase in just three weeks threatens to push pump prices even higher.
