Nigeria's Petrol Price Set to Rise to N1,050 per Litre

The price of petrol in Nigeria is projected to reach N1,050 per litre due to a recent increase in the Dangote Petroleum Refinery's premium motor spirit gantry price, which has risen from N774 to N995 per litre within four days. This adjustment, confirmed by a senior official at the refinery, comes amid a volatile global crude oil market and a significant N221 increase in price.

The new gantry price represents an increase from the earlier price of N874 per litre introduced earlier in the week. The refinery's price adjustments are said to reflect the prevailing global crude oil prices and logistical costs.

The adjustments have already triggered increases in retail pump prices across the country, with prices expected to exceed N1,050 per litre in various locations, depending on transport costs and market margins. The refinery emphasizes that its pricing strategy is not arbitrary but is influenced by international market movements and operational realities.