Retail petrol prices across Nigeria could soon rise to between N980 and over N1,000 per litre following a fresh increase in the gantry price by the Dangote Petroleum Refinery & Petrochemicals.
The refinery raised its ex-depot price from N774 to N874 per litre, citing volatility in global crude oil markets and rising replacement costs. The Independent Petroleum Marketers Association of Nigeria confirmed that pump prices will likely reflect the adjustment, with final rates depending on location and logistics.
The price hike comes amid renewed global oil market tensions, particularly in the Middle East, raising concerns about possible supply disruptions around the Strait of Hormuz — a key global oil transit route. Analysts warn that if crude prices continue climbing toward $90 or higher per barrel, petrol and diesel costs in Nigeria could rise further despite growing domestic refining capacity.
The refinery had briefly suspended petrol loading in response to crude price spikes, while diesel supply continued. Several depot operators also paused sales to reassess costs as market uncertainty grew.
Meanwhile, Aliko Dangote, President of the Dangote Group, says refining is only one part of a broader industrial strategy. He recently outlined plans to expand into steel production, electricity generation, and port infrastructure to strengthen Nigeria’s energy security and accelerate industrialisation.
According to the group, the refinery is currently producing about 650,000 barrels of refined products daily, with plans to scale up output in the coming years. Dangote also intends to list the refinery on the Nigerian stock market to broaden local participation.
Industry observers say the latest fuel price adjustment highlights Nigeria’s continued exposure to global oil market fluctuations, even as domestic refining capacity expands.
