Dangote Refinery Raises Petrol Prices Amid Global Oil Market Volatility
Lagos — Dangote Refinery has raised its gantry price for Premium Motor Spirit (PMS), commonly known as petrol, to N1,275 per litre, up from N1,200, marking a 5% increase. The adjustment follows a period of relative price stability despite sharp fluctuations in global crude oil markets.
The price hike comes against the backdrop of soaring international oil prices, with West Texas Intermediate (WTI) trading at $110 per barrel and Brent crude at $105, as of this report. The refinery, Africa’s largest single-train facility with a $20 billion investment, cited the need to align domestic fuel costs with global market realities.
President Donald Trump’s recent threats to escalate military action against Iran have added to market uncertainty, with traders anticipating potential supply disruptions. In response, Dangote Refinery’s president, Aliko Dangote, has assured Nigerians and neighbouring African nations of continued fuel availability.
“We have the capacity to supply them,” Dangote said during a recent plant tour, referring to customers across West, Central, and East Africa. His remarks follow the refinery’s earlier price reduction in March 2026, when global oil prices fell.
The adjustment highlights the ongoing challenge of balancing local fuel affordability with volatile international oil prices. Dangote Refinery, which began operations in 2023, has positioned itself as a key player in stabilising Nigeria’s fuel supply chain amid persistent shortages and price instability.
Industry analysts note that while the increase may strain consumers already grappling with high living costs, the refinery’s capacity to maintain steady supply remains crucial for the region’s energy security. The development underscores the interconnected nature of global oil markets and their direct impact on local economies.
As tensions in the Middle East persist, further price adjustments may be on the horizon, keeping both consumers and industry stakeholders closely monitoring market developments.
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