Dangote Refinery Increases Petrol Price to N955 Per Litre Amid Rising Crude Costs
In response to a consistent surge in the price of Brent crude, the global benchmark for oil, the Dangote Petroleum Refinery has announced an upward adjustment in the price of Premium Motor Spirit (PMS), commonly known as petrol.
A statement obtained on Friday revealed that the refined product will now be sold at N955 per litre for purchases of 2–4.99 million litres, while orders of 5 million litres or more will cost N950 per litre. The adjustment represents a 6.17% increase from the previous holiday discount rate of N899.50 per litre introduced last December.
The revised pricing structure takes effect from 5:30 PM today and applies to all stock balances yet to be lifted by the stated time. Pending inventory will also be repriced accordingly.
In a notice titled "Communication on PMS Price Review," the refinery assured customers of updates on revised volumes based on the new pricing.
The price hike is expected to significantly impact the downstream petroleum sector, influencing private depots and retail markets. Industry expert Olatide Jeremiah noted that the refinery’s pricing power would likely push depots, major marketers, and independent marketers to adjust their prices, potentially leading to higher pump prices for consumers.
Jeremiah, the CEO of Petroleum Price.ng, explained, “The current Brent crude price of $81.84 per barrel, the highest in 2025, is a key factor driving this increase. Nigerians should prepare for potential hikes in pump prices.”
On Thursday, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reaffirmed that crude oil prices in the global market remain a primary factor influencing petrol price fluctuations. He added that the downstream sector is now fully deregulated, with the government no longer setting prices.
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