Amid rising geopolitical tensions in the Middle East and their ripple effects on global energy markets, the Dangote Petroleum Refinery has increased the gantry price of petrol and diesel, further tightening pressure on consumers and businesses across Nigeria.
A top official at the refinery, who confirmed the development to our correspondent on Tuesday night, said the facility adjusted its pricing in response to prevailing international crude oil benchmarks and market realities.
The new pricing template shows that petrol rose by N75 per litre to N1,275, representing an increase of about 5.02 per cent, while diesel jumped by N200 per litre to N1,950.
This marks a sharp increase from last month’s prices of N1,200 per litre for petrol and N1,750 for diesel, signalling that diesel is now on track to breach the N2,000 per litre mark at the pump, further intensifying cost pressures across the economy.
“The adjustment is in line with global market trends. You are aware of the ongoing tensions in the Middle East and how they have impacted crude oil prices. These are external factors that directly influence refined product pricing,” the official, who spoke in confidence due to the lack of authorisation to speak on the matter, stated.
He added, “Petrol has been reviewed upward by N75 to N1,275 per litre, which is about a five percent increase, while diesel has increased more significantly by N200 to N1,950 per litre. These changes reflect the realities of the international market.”
Market data from Petroleumprice.ng corroborated the development, indicating that the latest petrol price reflects a 5.02 per cent increase at the gantry level.