Dangote Refinery petrol gantry price hits N1,350 per litre after N185 jump in three weeks

The Dangote Petroleum Refinery has raised its petrol gantry price to a record N1,350 per litre, its fourth increase in less than a month. The N185 per litre rise from the N1,165 charged on August 21 comes to a 15.9% jump in about three weeks.

The increase is already moving through the downstream market. Filling stations now sell petrol for between N1,380 and N1,400 per litre in some locations.

Four increases in under a month

The latest adjustment took effect on Saturday, when the gantry price rose by N85 from N1,265 to N1,350 per litre.

The sequence started on August 21, when Dangote moved the price from N1,165 to N1,185. Another N15 was added on August 26, taking it to N1,200. Three days later, the refinery announced a N65 increase to N1,265. Saturday's N85 adjustment completed the run to N1,350.

A circular from Dangote Petroleum Refinery and Petrochemicals also showed its coastal price rose from N1.67 million to about N1.78 million per metric tonne.

Lower Brent crude, higher petrol

The increases have drawn attention because Brent crude is trading around $104 per barrel, below the level reached during the earlier surge in international oil prices. When Brent climbed above $115 per barrel during that previous spike, Dangote's petrol gantry price stayed below the current N1,350.

Crude oil remains the refinery's principal feedstock, and the naira-dollar exchange rate also plays a significant role in determining production costs. When Brent dropped below $80 per barrel in June, Dangote cut its petrol price to N1,175 per litre. A refinery official said at the time that further reductions could take time because the facility was still processing crude bought at higher prices.

A petroleum marketer, who asked not to be named, said the latest increase had renewed questions over how quickly changes in global crude prices feed into domestic petrol prices.

Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, said the refinery was responding to movements in global oil prices, according to a Punch report. He warned that petrol could climb towards N2,000 per litre if international prices keep rising without government intervention. Ukadike urged the Federal Government to consider supplying crude to domestic refineries under pricing arrangements that could shield Nigerian consumers from extreme swings in the international market.

IPO, expansion and the road ahead

The price increases come as Dangote Refinery opens its initial public offering on Monday, September 14. The company is offering 4.1 billion ordinary shares at N525 each, a sale that could raise about N2.15 trillion if fully subscribed. The offer is expected to stay open until October 13.

Dangote plans to use the proceeds to support expansion, including a proposed increase in refining capacity from 700,000 barrels per day to 1.4 million barrels per day.

Dangote's pricing has become a benchmark for Nigeria's downstream market, so changes at the refinery often trigger adjustments by depots, marketers and filling stations. Each hike adds pressure on motorists already dealing with higher transport and living costs. Diesel has also climbed above N2,000 per litre in parts of Nigeria. A market survey showed diesel selling for between N2,000 and N2,020 per litre on Friday, September 4, 2026, at AA Rano, Empire Energy, Ranoil and other filling stations in Abuja and its environs.