Retail petrol prices across Nigeria may rise to around N980 and could even exceed N1,000 per litre after the Dangote Petroleum Refinery increased its ex-depot price.

The refinery raised its gantry price from N774 to N874 per litre, citing changes in global crude prices and higher replacement costs. The new rate is already affecting downstream distribution.

Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said transport and supply chain costs would influence final pump prices, but many stations are expected to sell close to or above N1,000 per litre.

Depot operators temporarily paused petrol sales to reassess pricing, though diesel distribution continued.

The increase comes amid global oil market volatility, particularly tensions involving the United States and Iran near the Strait of Hormuz. Analysts warn that crude prices above $90 per barrel could trigger further petrol and diesel hikes in Nigeria, despite local refining capacity. JPMorgan Chase projects Brent crude could reach $120 per barrel if Middle East disruptions persist.

Aliko Dangote, President of the Dangote Group, confirmed plans to expand into power, steel, and port infrastructure.

The 650,000-barrel-per-day refinery, one of the world’s largest single-train facilities, employs tens of thousands of Nigerians. Expansion plans aim to boost both production and workforce, with shares of the refinery set to be listed on the Nigerian Exchange.

Energy experts say the development shows Nigeria’s fuel market remains linked to global crude movements, keeping petrol prices volatile, with the N874-per-litre gantry benchmark pushing retail rates toward N1,000 if international supply concerns continue.