Dangote Refinery has increased its official petrol price to ₦865 per litre, up from ₦815, marking a ₦50 hike despite global crude prices dipping to around $59 per barrel.
This adjustment comes in the wake of the refinery’s decision to suspend naira‑denominated crude purchases under its agreement with the federal government.
Oil marketers such as MRS have already begun lifting product at the new rate from the world’s largest single‑site refinery, which boasts a capacity of 650,000 barrels per day.
Earlier in 2025, the refinery had reduced its pump price twice, citing efficiencies of scale and initial domestic supply. However, persistent high dollar‑based costs for crude procurement and operational expenses have eroded those gains.
Industry analysts had anticipated that falling international oil prices would translate into lower pump costs. Instead, elevated refining and logistics expenses—driven by currency pressures and dollar‑indexed feedstock—have offset potential savings.
Consumers and transport operators now face steeper fuel bills, even as crude markets remain relatively subdued. Observers will watch closely whether downstream competition or government intervention will moderate pump prices in the coming months.
