The Dangote petroleum refinery has raised its gantry price of petrol to N1,275 per litre aned that of diesel to N1,950 per litre.
The adjustment reflects current international crude oil benchmarks and prevailing market realities.
A top official at the refinery, who confirmed the development to newsmen on Tuesday night, said prevailing international crude oil benchmarks and broader market realities drove the price adjustments.
Under the new pricing template, petrol price increased by N75 per litre from N1,200 to N1,275, representing a 5.02 per cent rise, while diesel jumped by N200 per litre from N1,750 to N1,950.
The latest review pushes diesel closer to the N2,000-per-litre mark at filling stations. It is expected to further increase transportation, logistics and production costs for businesses already battling a difficult operating environment.
Explaining the development, the refinery official linked the increase to volatility in the global oil market, particularly the effect of escalating tensions in the Middle East on crude oil prices.
“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 said.
He added, “Petrol has been reviewed upward by N75 to N1,275 per litre, which is about a five per cent increase, while diesel has increased more significantly by N200 to N1,950 per litre. These changes reflect the realities of the international market.”
The latest hike marks a significant jump from last month’s prices of N1,200 for petrol and N1,750 for diesel, with diesel now edging closer to the N2,000 mark.
Analysts warn that the increase is likely to trigger higher pump prices nationwide as marketers pass on the additional costs to consumers.