Dangote Refinery Raises Petrol Price to N1,275 Amid Rising Global Oil Prices and Iran Tensions
The Dangote Refinery has once again adjusted the price of petrol across Nigeria, signalling renewed pressure within the downstream oil market.
The latest hike comes against the backdrop of rising global crude oil prices and escalating geopolitical tension in the Middle East, factors that continue to influence domestic fuel pricing dynamics.
Checks on Tuesday obtained by PulseNets indicate that the refinery reviewed its gantry price of Premium Motor Spirit (PMS) upward to N1,275 per litre.
The revised figure represents an increase from the previous N1,200 per litre, marking a N75 jump, approximately five percent.
This adjustment follows a brief period of relative stability in local fuel prices. Market observers told PulseNets that the upward review reflects sustained volatility in the international oil market, where crude prices have fluctuated significantly in recent days.
The development is also tied to renewed geopolitical concerns. The President of the United States, Donald Trump, recently issued stern warnings over a potential escalation involving Iran, a situation that has heightened fears of possible disruptions in global oil supply chains.
Despite the increase, the refinery has moved to reassure the market on product availability. During a facility tour, Aliko Dangote expressed confidence in the refinery’s supply capacity across the continent.
“What I can do is assure Nigerians and most of West Africa, Central Africa, and East Africa that we have the capacity to supply them,” he said.
Energy analysts spoke to PulseNets suggesting that such assurances could help curb panic buying tendencies. However, they cautioned that further price adjustments remain likely if instability in global crude oil prices persists.
Also Read: Petrol Price Set to Hit N1,000 as Dangote Refinery Raises Gantry Rate Amid Middle East Oil Crisis
As of the time of filing this report, major crude benchmarks remained elevated. West Texas Intermediate hovered around $110 per barrel, while Brent crude traded close to $105 per barrel.
The latest price movement comes just weeks after a downward adjustment announced on March 27, 2026. That reduction, reported by PulseNets, had been attributed to a temporary dip in global oil prices.
