By Abiola Olawale
There has been an escalation of public frustration as several petroleum outlets across Nigeria have adjusted petrol pump prices to N1,150 per litre.
The recent surge came after an adjustment in pricing by the Dangote Petroleum Refinery, owned by Africa’s richest man and business mogul, Alhaji Aliko Dangote.
This has significantly influenced fuel costs across Nigeria as several retail outlets have adjusted their prices between N1,150, and N1,250 per litre.
It would be recalled that Dangote refinery recently announced a new price list where bulk buyers face a charge of N955 per liter, marking a notable increase from previous rates, which was N899 per litre.
The refinery, in a press statement, explained that the adjustment was partly due to the rise in Brent crude oil prices, which reached $81.84 per barrel, the highest in 2025 to date.
This has been confirmed by the IPMAN National Publicity Secretary, Chinedu Ukadike.
Udaike said the product would now trade for more than N1,000/litre, especially in hinterlands nationwide.
He stressed that the new change was due to the recent surge in the price of crude oil globally. Ukadike stated: “Yes, Dangote has increased its price to N955. This is only because of the increase in Brent crude. Once it increases, the domestic production cost will also increase.
“Nigerians will likely pay over N1,150 at faraway locations, while locations close to the depot will pay N1,100. This is because we will add about N50 logistics costs. Currently, ex-depot prices have increased to N980.
“This change is immediate because crude oil prices, too, are immediate. The refinery told us it has taken effect today, which means prices have increased already. Deregulation in this sector means price will be controlled by forces of demand and supply.
“So, if the force of supply says Brent crude has increased, it means domestic costs will also change. It is no longer funny now. Even marketers are affected by this up-and-down dwindling of prices. It affects our business.”
