Petrol Nears ₦1,500 Per Litre as Dangote Refinery Raises Price to ₦1,175
Petrol prices in Nigeria are edging closer to ₦1,500 per litre following a fresh price increase by Dangote Refinery, which has reportedly raised its ex-depot price to ₦1,175 per litre.
The development is expected to trigger a new wave of price adjustments by fuel marketers across the country, potentially pushing pump prices significantly higher in the coming days.
According to industry sources, the refinery’s new ex-depot price means petrol marketers purchasing directly from the facility will now pay more before factoring in transportation, logistics, and retail margins.
These additional costs could push the final pump price closer to ₦1,500 per litre in some parts of the country.
The price adjustment comes amid ongoing fluctuations in global crude oil prices and foreign exchange challenges affecting Nigeria’s energy sector.
Fuel price increases often have a ripple effect across the economy, affecting transportation costs, food prices, and general living expenses.
Many Nigerians have already been grappling with rising costs of goods and services, and another increase in petrol prices could place further pressure on households and businesses.
Energy analysts say the price hike reflects the realities of Nigeria’s deregulated petroleum market, where fuel prices are largely influenced by market forces such as crude oil prices, exchange rates, and supply logistics.
Some stakeholders believe that increased domestic refining capacity could eventually help stabilize supply, even though prices may remain volatile in the short term.
The Nigerian National Petroleum Company Limited and other industry stakeholders continue to monitor the situation as the market responds to the new pricing structure.
Observers note that developments in the petroleum sector will remain a key issue for the Nigerian economy as authorities and private operators seek long-term solutions to fuel supply and pricing challenges.
