Dangote Petroleum Refinery has raised its diesel gantry price from ₦1,570 to ₦1,670 per litre in Nigeria, as international crude oil prices climbed above $94 per barrel, according to a market survey reported by DAILY POST.

The ₦100 increase represents a 6.4 per cent rise from the refinery’s previous gantry price and marks a sharp reversal after the refinery reduced diesel prices earlier this month.

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The latest adjustment means the Dangote diesel price is now ₦1,670 per litre at the refinery gate, although the company had not officially confirmed the increase at the time of its report.

The development comes against a backdrop of renewed volatility in global oil markets. Brent crude rose to around $93.81 per barrel on Thursday, according to Reuters, while other market data placed the benchmark above $94 during the session.

West Texas Intermediate also recorded strong gains.

The rise in crude prices has been linked to continuing concerns over Middle Eastern oil supplies and uncertainty surrounding the conflict involving Iran.

Reuters reported that Brent had reached its highest level in more than three weeks amid supply concerns and geopolitical tensions.

For Nigerian businesses that rely heavily on diesel to power generators, machinery and logistics operations, the development could put renewed pressure on operating costs.

The impact may extend beyond diesel users themselves. Higher transportation and production expenses can eventually feed into the prices of goods and services, particularly for businesses that have limited access to reliable grid electricity.

The increase also comes only two weeks after Dangote Petroleum Refinery announced a reduction in its ex-depot prices.

Effective August 6, the refinery cut diesel from ₦1,650 to ₦1,570 per litre, a reduction of ₦80. Petrol was also reduced from ₦1,215 to ₦1,165 per litre.

That earlier reduction was presented by the refinery as part of efforts to improve energy affordability, expand access to refined products and support economic activity.

The latest movement therefore highlights how quickly domestic petroleum prices can respond to changes in international crude markets.

There is also an important distinction between refinery gantry prices and what consumers eventually pay at filling stations.

The refinery gate price does not automatically determine the final pump price, as marketers’ margins, transportation costs and other downstream expenses influence retail prices.

Recent market activity illustrates that gap. Earlier in August, some marketers were already selling diesel above Dangote’s ₦1,570 per litre gantry price, with prices varying across different depots and locations.

DAILY POST reported that diesel was selling between about ₦1,700 and ₦1,790 per litre in Abuja before the latest refinery adjustment. If marketers pass the full increase through to consumers, pump prices could move higher still.

Petrol, however, remained unchanged at Dangote Refinery’s reported gantry price of ₦1,165 per litre at the time of the report.

The refinery’s pricing decisions have become increasingly significant for Nigeria’s downstream petroleum market since the facility began supplying locally refined products at scale.

Its large production capacity has strengthened domestic refining and reduced the country’s reliance on imported refined petroleum products.

The latest increase nevertheless underlines the continuing exposure of Nigeria’s fuel market to global crude price movements.

While local refining can reduce import dependence and improve supply security, crude oil remains a major input in determining the economics of refined petroleum products.

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With Brent crude now hovering around the $94 mark and geopolitical uncertainty continuing to influence the international market, Nigerian consumers and businesses will be watching closely to see whether the latest increase remains limited to the refinery gate or translates into another round of higher diesel prices nationwide.