Third Hike in a Week: Dangote Refinery Raises Petrol to N1,175, Diesel to N1,620

For the third time in a single week, the Dangote Refinery has raised fuel prices, with petrol now at ₦1,175/litre and diesel at ₦1,620/litre.

The new petrol rate is a significant 18.1% increase from the ₦995 price announced last Friday.

The refinery linked the frequent adjustments to the “extreme volatility” of the global oil market, exacerbated by conflicts in the Middle East.

As the new gantry prices take effect, Nigerians should brace for a potential spike in transportation fares and a rise in the cost of living, as the economy remains heavily dependent on petrol for power and distribution.

The Dangote refinery, located in the Lekki Free Trade Zone in Lagos and widely regarded as the largest single-train refinery in the world with a projected capacity of about 650,000 barrels per day, was expected to help stabilise Nigeria’s fuel supply when fully operational.

Despite the growth in domestic refining, the steady climb in fuel prices highlights a persistent vulnerability to international oil trends and local logistical bottlenecks.

These factors continue to dictate pricing structures, overshadowing the benefits of increased local production.