Dangote Refinery Raises Petrol Price to N1,350/L as Global Oil Climbs

On Saturday, Dangote Petroleum Refinery announced an N85-per-litre increase to its wholesale petrol rate, moving the ex-gantry price to N1,350. This 6.7 percent rise from the prior benchmark of N1,265 per litre constitutes the refinery's second substantial adjustment over recent weeks.

The move reflects sustained escalation in global crude oil values, with international benchmarks exceeding $100 per barrel. Across Nigeria's retail network, filling station operators promptly lifted their pump prices in response.

In Lagos, petrol now trades between N1,395 and N1,450 per litre, while Abuja's stations charge N1,400 to N1,430 per litre. At MRS outlets in the capital, the rate shifted to N1,395 per litre following the refinery's decision.

Within a three-week window, retail prices have climbed by N185, tracking movements since the refinery commenced operations in 2024. Notably, the timing about underlying drivers.

At the adjustment point, Brent crude traded near $104 per barrel—substantially below levels seen during March's earlier rally—yet the refinery still pushed through a domestic wholesale increase. This pattern suggests that beyond crude oil alone, foreign exchange dynamics and petroleum replacement expense play material roles in shaping Nigeria's fuel price structure.

Mottorists are now encountering prices spanning N1,395 to N1,460 per litre at pumps nationwide, contingent on geography and outlet operator. Since launching operations, the facility's N1,350 ex-gantry benchmark stands as its steepest wholesale announcement to date.

Should global crude valuations and product replacement costs maintain their upward trajectory, market analysts contend that further pump price movements could materialize soon.