Nigeria’s fuel market faces another surge as petrol prices are projected to hit ₦980 to over ₦1,000 per litre, following adjustments by Dangote Refinery. The spike reflects rising global crude oil prices and increasing replacement costs, industry experts say.

Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), told Punch that the retail hike is unavoidable.

“Following the increase by Dangote, the pump price will likely range between N980 and over N1,000 per litre, depending on location and logistics. This is largely the effect of the recent hike in global crude oil prices,” he said.

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Dangote Refinery Updates Gantry Price

A senior official at Dangote Refinery confirmed the change, explaining that the new gantry price is N874 per litre, up from N774.

“The review became necessary due to changes in global crude fundamentals and replacement costs,” the official said, emphasizing that the adjustment reflects the downstream value chain.

A notice to marketers also clarified the update:

“Dear Valued Customer, we are pleased to inform you that PMS is currently available for purchase. Please be informed that the current price is N874 per litre. Thank you for choosing Dangote.”

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Fuel Market Outlook: Experts Warn of Further Increases

Olatide Jeremiah, CEO of petroleumprice.ng, projected that pump prices could reach N1,000 per litre for petrol and N1,100 per litre for diesel if global crude trends continue.

“Dangote Refinery and depot owners are considering replacement costs as crude oil prices might continue to spike. The only way to mitigate fuel prices being at the mercy of oil prices is for our local refineries to be given full priority to Nigerian crude. Otherwise, oil shocks will keep influencing local prices and markets,” Jeremiah said.

NIPCO Expands Compressed Natural Gas Network

In parallel, NIPCO Gas Limited has announced plans to launch 20 additional Compressed Natural Gas (CNG) stations nationwide, offering CNG at N380 per standard cubic metre.

Managing Director Nagendra Verma outlined an ambitious strategy, including pipeline infrastructure upgrades and city gas distribution networks. He emphasized that natural gas is central to Nigeria’s energy security, industrial competitiveness, and macroeconomic stability in the post-subsidy era.