The Dangote Petroleum Refinery has communicated an increase in the price of Premium Motor Spirit, popularly known as petrol, to its consumers following a constant rise in the price of Brent, the global benchmark for crude.
In an email statement obtained by our Correspondent on Friday, the refinery declared that its refined goods will henceforth be priced at N955 per litre at the loading gantry, reflecting a change in its pricing system.
It was noted that marketers buying between 2 million and 4.99 million litres will now pay N955 per litre, while those buying 5 million litres or more will pay N950 per litre.
The amount is a rise of N55.5, or 6.17 percent, from the N899.50 per litre announced as a holiday discount for Nigerians last December.
This adjustment applies to any stock balances that have yet to be lifted by the specified time, and pending stock as of the effective time will also be repriced at the current rates.
According to the statement, the new price regime will take effect at 5:30 p.m. today.
The notice titled, “Communication on PMS Price Review,” read, “Dear Esteemed Customer, Trust this email finds you well.
“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:
Previous Price (NGN/Litre)
2 million-9.99 million -N899.50
10 million litres & above N895
Quantity:
New Price (NGN/Litre)
2 million–4.99 million N955
5 million litres & above N950
“Please note that all stock balances yet to be lifted as at 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.”
The price hike is projected to have a significant impact on the downstream petroleum sector, particularly private depots and retail markets.
Olatide Jeremiah, an oil and gas specialist, stated that depots are set to raise the loading price of refined petroleum products due to the refinery’s strong impact.
Jeremiah, the CEO of petroleumprice.ng, stated, “Dangote Refinery’s influence on fuel prices has become unrivalled; private depots, major marketers, and independent marketers will compete with this new price.” As a result, Nigerians may expect a rise in petrol pump prices.
“Brent Crude oil as of today is $81.84, highest in 2025, its one major factor for the increase.”
On Thursday, Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), stated that the price of crude oil in the international market continues to influence petrol pump prices.
He also stated that the downstream sector is now fully deregulated, with the government no longer setting prices.
