The Dangote Petroleum Refinery has increased its petrol gantry price to N1,350 per litre, bringing the total rise in the product’s price to N185 over the past three weeks.
The latest adjustment represents an N85 increase from the previous price of N1,265 per litre.
The refinery’s petrol price has now risen from N1,165 per litre on August 21 to N1,350, following a series of upward reviews in recent weeks.
The latest increase comes as international crude oil prices remain above $100 per barrel, with Brent crude trading at about $104 per barrel.
Despite the current crude price being lower than the more than $115 per barrel recorded during an earlier period, the refinery’s petrol price is now higher than it was at that time.
The price adjustments have also affected retail petrol prices, with some filling stations selling the product between N1,380 and N1,400 per litre.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the refinery’s latest adjustment was linked to developments in the international oil market.
Ukadike warned that petrol prices could climb as high as N2,000 per litre if the Federal Government fails to intervene.
He also urged the government to make crude oil available to local refineries at a price below the international market rate to help moderate domestic fuel prices.
In June, Dangote Refinery had reduced its petrol price to N1,175 per litre after international crude prices dropped below $80 per barrel. The company had explained that it was still processing crude purchased at higher prices.
The latest price increase comes as the refinery prepares for its initial public offering, which begins on Monday.
Dangote Refinery is offering 4.1 billion ordinary shares at N525 each, with the offer expected to raise about N2.15tn if fully subscribed.
The company plans to use part of the funds to support its expansion programme, including plans to increase its refining capacity from 700,000 barrels per day to 1.4 million barrels per day.
