By Garba Mohammed
Amid escalating geopolitical tensions in the Middle East and their impact on global energy markets, the Dangote Petroleum Refinery has raised the gantry prices of petrol and diesel, adding fresh pressure on consumers and businesses across Nigeria.
A senior official at the refinery, who spoke on condition of anonymity on Tuesday night, confirmed that the price adjustment reflects prevailing international crude oil benchmarks and current market realities.
Under the new pricing structure, petrol increased by N75 per litre to N1,275 — a 5.02 per cent rise — while diesel surged by N200 per litre to N1,950.
The latest adjustment represents a notable jump from last month’s prices of N1,200 per litre for petrol and N1,750 for diesel. With diesel now edging closer to the N2,000 mark, concerns are mounting over rising operational and transportation costs across the economy.
“The adjustment is in line with global market trends,” the official said. “Ongoing tensions in the Middle East have significantly impacted crude oil prices, and these external factors directly influence refined product pricing.”
He added that while petrol recorded a moderate increase of about five per cent, diesel saw a sharper rise, reflecting stronger pressures in that segment of the market.
Data from Petroleumprice.ng supports the development, confirming a 5.02 per cent increase in petrol prices at the gantry level.
The hike comes despite expectations that increased domestic refining capacity would help stabilise fuel prices. Analysts, however, note that Nigeria remains vulnerable to global oil price volatility, as domestic pricing continues to be tied to international crude benchmarks.
Industry watchers warn that the latest increase could trigger a fresh round of pump price hikes nationwide, as marketers are likely to pass the additional costs on to consumers in the coming days.
Global oil markets have remained volatile in recent weeks, driven by heightened tensions in the Middle East — a key oil-producing region. Any disruption, or even perceived risk to supply routes, typically pushes crude prices higher, with ripple effects on refined products worldwide.
Although Nigeria is a major oil producer, its deregulated downstream sector means fuel prices are largely determined by market forces, including global crude prices, exchange rates, logistics, and refinery dynamics.
While the Dangote Petroleum Refinery — Africa’s largest — was expected to reduce reliance on fuel imports and help moderate prices, experts argue that as long as pricing remains linked to global benchmarks, domestic fuel costs will continue to fluctuate.
With consumers already grappling with high energy and transportation expenses, the latest increase is likely to deepen affordability concerns, fuel inflationary pressures, and potentially slow economic recovery.
