Petrol prices in Nigeria may soon rise to about ₦1,500 per litre after the Dangote Refinery increased its ex-depot (gantry) price of petrol to ₦1,175 per litre on Monday, March 9.
The refinery raised the price from ₦995 to ₦1,175 per litre, an increase of ₦180 (about 18%) within three days. This marks the third price increase in one week, showing how unstable the fuel market has become.
A senior official at the refinery confirmed that the price adjustment was necessary because of rising costs and market conditions. According to the official, the company had to review its prices because the cost of replacing fuel and other operational expenses had increased.
The refinery also increased the price of diesel, fixing it at ₦1,620 per litre.
Data from the petroleum pricing platform Petroleumprice.ng shows that the new prices have already been updated in depot systems used by fuel marketers across the country.
Impact on Nigerians
The increase means that filling stations may soon sell petrol at around ₦1,200 per litre or more, and analysts warn it could climb closer to ₦1,500 per litre in some areas.
Higher fuel prices are expected to lead to:
Increase in transport fares
Higher cost of goods and services
More financial pressure on households
Many Nigerians are already struggling with rising living costs, and the new fuel price increase could make the situation worse.
Government Efforts
The Nigerian National Petroleum Company Limited has been trying to support the refinery by helping it secure crude oil supplies from international partners. However, officials say this effort may not immediately reduce petrol prices for consumers.
Dangote Refinery increases fuel Price to ₦1,175 per litre
