Nigeria’s largest private refinery, Dangote Refinery, has increased the ex-depot price of premium motor spirit (petrol) to N1,275 per litre and automotive gas oil (diesel) to N1,950 per litre.
The adjustment, announced on Tuesday, was attributed to prevailing global market trends and rising crude oil prices, which have continued to impact production and supply costs.
Industry sources say the price hike is expected to have a ripple effect across the downstream petroleum sector, potentially leading to higher pump prices nationwide and increased transportation and logistics costs.
The refinery, owned by billionaire industrialist Aliko Dangote, began phased operations in 2024 with the aim of boosting local refining capacity and reducing Nigeria’s dependence on imported petroleum products.
Analysts note that while the refinery has helped stabilise supply, fluctuations in global crude prices and foreign exchange pressures remain key determinants of domestic fuel pricing.
Consumers and businesses are likely to feel the impact of the latest increase, especially amid existing inflationary pressures in the economy.
Stakeholders have called for measures to cushion the effect on ordinary Nigerians, including improved distribution efficiency and targeted government interventions.
