Dangote Refinery Hikes Petrol Price to Record High Amid Falling Crude Prices

The Dangote Petroleum Refinery has increased the price of premium motor spirit (petrol) to N1,350 per litre, a rise of N85 from N1,265 per litre. This is the highest gantry price the refinery has announced since it began operations in 2024.

This increase comes despite Brent crude oil trading around $104 per barrel, which is below its earlier peak. The refinery's petrol gantry price was still below N1,300 per litre when Brent crude rose above $115 per barrel during a previous surge in March.

The Dangote Refinery has raised its petrol gantry price four times since August 21, taking the price from N1,165 to N1,350 per litre within 22 days. This represents a 15.9% rise in less than a month.