In response to the consistent rise in the price of Brent crude, the global benchmark for oil, Dangote Petroleum Refinery has announced an increase in the price of Premium Motor Spirit (PMS), commonly referred to as petrol.
In a statement shared via email on Friday, the Dangote refinery informed its customers of the new pricing structure, with refined products now priced at N955 per litre at the loading gantry. Marketers purchasing quantities between 2 million and 4.99 million litres will pay N955 per litre, while those buying 5 million litres or more will pay N950 per litre.
This adjustment reflects a 6.17% increase from the previous price of N899.50 per litre, which was offered as a holiday discount in December 2024.
The statement emphasized that the price revision applies to all stock balances yet to be lifted as of the implementation time, while any pending stock as of the effective time will also be repriced accordingly.
The revised pricing takes effect at 5:30 PM today.
The notice, titled “Communication on PMS Price Review”, read in part:
“Dear Esteemed Customer,
Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.
Quantity and Pricing Details:
- Previous Price (NGN/Litre):
- 2 million – 9.99 million litres: N899.50
- 10 million litres & above: N895
- New Price (NGN/Litre):
- 2 million – 4.99 million litres: N955
- 5 million litres & above: N950
- “Dangote Refinery’s influence on fuel prices has become unmatched. Private depots, major marketers, and independent marketers will compete with this new price. Therefore, Nigerians should expect an increase in petrol pump prices.”
Jeremiah also noted that the global price of Brent crude, which reached $81.84 per barrel on Friday—the highest in 2025—has been a significant driver of the price adjustment.
On Thursday, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reiterated that crude oil prices on the international market remain a critical factor influencing fluctuations in petrol pump prices. He also emphasized that the downstream sector is now fully deregulated, with the government no longer involved in price-setting.
Please note that all stock balances yet to be lifted as of the above-stated time are to be repriced at the new reviewed prices.
We shall communicate with customers on their revised volumes based on the reviewed prices, in due course.”
This development is expected to significantly impact the downstream petroleum sector, particularly private depots and retail markets.
According to oil and gas expert Olatide Jeremiah, who serves as the Chief Executive Officer of petroleumprice.ng, the refinery’s pricing adjustments are likely to trigger corresponding increases at private depots, major marketers, and independent marketers.
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