Dangote Refinery Raises Petrol Price Again – Now N1,175 Per Litre

Another round of fuel-cost pressure is set to move through Nigeria’s economy after Dangote Petroleum Refinery raised its gantry price of Premium Motor Spirit to N1,175 per litre, up from N995 announced on Friday. The increase of N180, or about 18.1 per cent in three days, is likely to feed quickly into pump prices, transport fares, logistics bills, and the cost of everyday goods.

The latest adjustment is significant not only because of the size of the jump, but because of its speed. It is the third upward petrol price revision within a week, reinforcing the sense that downstream pricing has entered a more volatile phase. For households already dealing with elevated living costs, and for businesses already managing thin margins, that kind of rapid movement makes planning harder and cost control weaker.

According to the refinery’s latest communication to marketers, the new gantry price for petrol is now N1,175 per litre, while the gantry price for Automotive Gas Oil, or diesel, was revised to N1,620 per litre. Industry pricing systems had already reflected the updated rates, suggesting the new benchmark had begun flowing through depot-level transactions almost immediately.

The likely next step is familiar. Marketers buying at higher depot prices will reprice retail sales to protect margin, and that adjustment will ripple into transport operators, manufacturers, food distributors, and small traders. Fuel is not just another commodity in Nigeria’s economy; it is a cost base for movement, production, and distribution. When petrol rises this sharply, the effect rarely stays at the filling station.

The refinery’s explanation points to market conditions rather than a policy change. A senior official cited extreme market volatility and higher replacement costs as the immediate drivers of the new price. That matters because it suggests the latest increase is tied to the operating economics of supply rather than a one-off internal decision. In practical terms, it means pump prices may remain sensitive to further changes in crude oil prices, supply arrangements, and product replacement costs in the days ahead.

What makes the increase more troubling is the timing. The new adjustment came shortly after the temporary suspension of petrol sales at the refinery, and after earlier increases had already pushed gantry prices from N774 to N995 per litre. Retail prices in some states had already moved beyond N1,000 per litre, with some outlets selling near N1,200 per litre even before this latest revision. That means the market was already under strain before Monday’s latest increase took effect.

For consumers, the consequence is straightforward: transport will become more expensive, and higher transport costs usually spread into food prices, delivery fees, school runs, and other daily expenses. For businesses, the challenge is broader. Companies that depend on road distribution, field logistics, staff transport, or generator use now face another round of cost recalculation. Businesses with weak pricing power will feel the pain first because they may not be able to pass the increase on to customers immediately.

Fuel-price shocks do not need much time to filter through the real economy, especially in a market where supply chains are already sensitive to transport costs. The latest adjustment is therefore not just a refinery pricing story. It is a signal that cost pressure may intensify again across consumer markets, with fresh implications for household budgets, business cash flow, and already fragile demand.