Retail petrol prices in Nigeria could rise to between 980 naira and more than 1,000 naira per litre following a new increase in the gantry price by Dangote Petroleum Refinery, industry sources said Monday.
The adjustment comes as the Dangote Group’s president, Aliko Dangote, unveiled plans to expand into electricity generation, steel production, and port infrastructure as part of a broader push to industrialise Africa and strengthen domestic energy security.
Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, confirmed that pump prices will likely reflect the new gantry price, depending on location and logistics.
“Following the increase by Dangote, the pump price will likely range between 980 and over 1,000 naira per litre,” Ukadike said, citing the effect of rising global crude oil prices.
A senior official at the refinery said the gantry price was raised from 774 naira to 874 naira per litre due to international crude oil market volatility and replacement costs. A notice to marketers stated that petrol is currently available at 874 naira per litre.
The increase followed a temporary suspension of petrol loading at the refinery on March 2, 2026, after global crude prices surged above $80 per barrel. Diesel supplies continued uninterrupted. Several depot owners also paused petrol sales to reassess replacement costs.
The global crude oil market has been unsettled by rising tensions between the United States and Iran. Five energy experts warned that Nigeria could see further increases in petrol and diesel if Brent crude surpasses $90 per barrel. JPMorgan Chase has projected Brent could reach $120 per barrel if hostilities in the Middle East disrupt oil flows through the Strait of Hormuz, a critical energy corridor responsible for nearly 20 percent of global daily oil consumption.
Oil prices surged Monday after a coordinated U.S.-Israeli operation targeted Iranian missile facilities and command centers, reportedly killing Iran’s Supreme Leader, Ali Khamenei, and nearly 50 senior officials. Iran retaliated with missile and drone strikes against U.S. and Israeli installations across the Persian Gulf, including Bahrain and the United Arab Emirates.
Dangote Petroleum Refinery produces about 650,000 barrels of refined products daily and plans to double output within three years. The refinery employs roughly 30,000 workers, about 80 percent of them Nigerians, with planned expansions across electricity, steel, and port infrastructure expected to create around 65,000 jobs.
Dangote said his broader industrial strategy is aimed at reducing import dependence, expanding domestic refining capacity, increasing electricity access, and stimulating Africa’s industrial growth. He also announced plans to list shares of the refinery on the Nigerian stock market to broaden local participation.
Analysts said the recent petrol price increase reflects both global crude volatility and Dangote’s long-term strategy to strengthen Nigeria’s domestic energy sector, while warning that continued instability in the Middle East could drive further hikes.
With his multi-sector expansion, Dangote aims to stabilise fuel supply, improve energy security, create jobs, and advance industrialisation across Nigeria and Africa.
