The Dangote Petroleum Refinery has raised its petrol price to ₦955 per litre for bulk buyers. Th new price will be effective from 5:30 PM on Friday, January 17. Th s marks an increase of 6.17 per cent from the previous rate of ₦899.50 per litre, which was offered as a holiday discount last December.
The refinery informed its customers of the price change in a statement via email, which The Punch obtained. Un er the revised pricing, buyers of 2 million to 4.99 million litres will pay ₦955 per litre, while those purchasing 5 million litres or more will pay ₦950 per litre. Pr viously, these volumes were sold at ₦899.50 and ₦895 per litre, respectively.
This adjustment affects all stock balances that have yet to be lifted by the effective time. An pending volumes will also be charged at the new rates.
The increase comes amid a steady rise in Brent crude oil prices, which reached $81.84 per barrel this week. Th s is the highest price recorded in 2025 so far. Br nt crude is one of the major global oil benchmarks, often used to determine the price of oil sold internationally.
Some experts have pointed to the global crude market as a major factor influencing the price hike in Nigeria. I response to rising crude costs, the Independent Marketers Association of Nigeria (IPMAN) recently urged its members to buy directly from Dangote Refinery. Ac ording to IPMAN’s Public Relations Officer, Chinedu Ukadike, the move offers better pricing than private depots.
Fuel prices in Nigeria have sharply risen since the removal of petrol subsidies in May 2023. In June 2 23, pump prices surged to between ₦488 and ₦557 per litre, up from the subsidised price of ₦185. By July, rices climbed further, reaching ₦617 per litre in many parts of the country. The lates increase by Dangote Refinery will result in further potential hikes in the downstream market. Higher cr de oil prices increase fuel costs, impacting everything from transportation to manufacturing and overall economic activities.
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