Get ready for a jump in petrol prices as Dangote Refinery raises rates to N874/litre following global oil shocks.
The cost of Premium Motor Spirit (petrol) is expected to climb again, with retail prices likely hitting between N980 and N1,000 per litre across Nigeria. This looming hike follows a fresh price adjustment by the Dangote Petroleum Refinery.
Market insiders confirmed on Monday that the refinery has raised its gantry price from N774 to N874 per litre. This N100 jump is already sending ripples through the downstream sector, as independent marketers look to adjust their pumps to reflect the new reality.
Why the sudden increase? Officials at the refinery point to the "madness" currently rocking the international crude oil market. With global oil prices surging past $80 per barrel, the cost of refining and replacing stock has gone up significantly.
The situation is made worse by the explosive tensions in the Middle East. Following clashes involving the United States, Israel, and Iran, there are deep fears that oil supplies through the strategic Strait of Hormuz could be disrupted.
If global crude hits $90 or $100, experts warn that Nigerians should prepare for even higher prices at the station.
A halt in loading The refinery briefly paused petrol loading at midnight on March 2 to reassess these costs, though diesel supplies continued. Many depot owners have also slowed down sales, as no one wants to sell fuel today only to find they cannot afford to restock tomorrow.
The bigger picture for Dangote Amidst these pricing headaches, Aliko Dangote is looking at the long game. The billionaire recently shared his vision to solve Nigeria’s energy crisis beyond just fuel.
His group is now moving into large-scale electricity generation, steel production, and port infrastructure.
While the refinery currently pumps out 650,000 barrels a day and employs about 30,000 people, Dangote insists that industrializing Africa is the only way to create the millions of jobs the continent needs.
For now, however, the immediate concern for most Nigerians remains the price of a litre of fuel at the nearest pump.
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