Petrol Prices Surge Dangote’s Dollar Sales Push Fuel to N1,230/Litre

• Petrol prices have increased across Nigeria, with pump prices reaching N1,230 per litre in some states following Dangote Refinery’s decision to sell fuel to marketers in dollars and rising global crude oil prices.

Petrol prices have continued to climb across Nigeria as filling stations adjust pump prices following the Dangote Petroleum Refinery’s decision to sell Premium Motor Spirit (PMS) to marketers in U.S. dollars.

The latest increase has also been attributed to the recent rise in global crude oil prices, driven by renewed geopolitical tensions between the United States and Iran.

A nationwide survey showed that motorists are now paying between N1,100 and N1,230 per litre, depending on location, with several independent marketers already implementing new prices.

The development has sparked concern among industry stakeholders, with the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warning against monopoly and arbitrary pricing in the downstream petroleum sector.

Speaking on the development, PETROAN National President, Dr. Billy Gillis-Harry, said Nigeria’s fuel market should not depend on the pricing decisions of a single supplier.

“We have always said that arbitrary fixing of prices is not what will stabilise Nigeria or the Nigerian economy. We don’t think a situation where, anytime one player sneezes, all of us catch cold is in the best interest of Nigeria,” he said.

He assured Nigerians that PETROAN members would continue working to ensure petroleum products remain available at competitive prices.

The price increase comes amid reports that many marketers are struggling to source U.S. dollars needed to purchase petrol from the Dangote Refinery under its new pricing model.

Although some marketers claimed petrol loading at the refinery was temporarily delayed, the Dangote Group dismissed the reports, insisting loading operations had continued without interruption.

Industry data obtained on Friday showed depot prices remained high across the country, ranging from N1,185 to N1,245 per litre.

Matrix Depot in Port Harcourt recorded the highest loading price at N1,245 per litre, while depots in Lagos sold between N1,185 and N1,225 per litre.

The rising depot costs have filtered into retail stations nationwide.

In the Federal Capital Territory (FCT), petrol sold for between N1,118 and N1,200 per litre, while motorists in Kaduna paid as much as N1,230 per litre at some filling stations.

In Enugu, prices ranged from N1,100 to N1,220 per litre, while stations in Port Harcourt sold petrol for around N1,200 per litre.

Motorists in Ondo State paid between N1,110 and N1,125 per litre, while prices in Benin, Edo State, ranged from N1,140 to N1,200 per litre. In Sokoto, some filling stations also sold petrol for N1,230 per litre.

Energy analysts say the combination of dollar-denominated sales, rising international crude oil prices, logistics costs and foreign exchange volatility could keep petrol prices elevated in the coming weeks unless market conditions improve.