Business
Dangote Refinery Hikes Petrol Price
By Gideon Ayeni
The Dangote Petroleum Refinery has announced an increase in the price of Premium Motor Spirit (PMS), popularly known as petrol, citing the consistent surge in Brent crude prices, the global benchmark for oil.
In a statement sent to customers on Friday, Dangote refinery revealed that petrol would now be sold at N955 per litre for purchases ranging between 2 million and 4.99 million litres, while bulk buyers of 5 million litres and above would pay N950 per litre. The new pricing represents a 6.17% increase from the N899.50 per litre holiday discount offered in December 2024.
The notice, titled “Communication on PMS Price Review”, stated that the price adjustment takes effect from 5:30 PM today. Dangote refinery clarified that all unsold stock would be repriced according to the updated rates, with revised volume allocations to be communicated shortly.
The statement read:
“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:
2 million to 4.99 million litres – N955 per litre
5 million litres and above – N950 per litre
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.”
Impact on Downstream Sector
Industry experts warn that the price hike will ripple through the downstream petroleum market, influencing private depots and retail fuel stations.
According to Olatide Jeremiah, CEO of PetroleumPrice.ng, the influence of Dangote Refinery on fuel pricing has become dominant.
“Private depots, major marketers, and independent marketers will likely adjust their pump prices to align with the refinery’s rates. Nigerians should brace for a corresponding rise in petrol pump prices,” he stated.
Jeremiah linked the increase to the Brent crude oil price, which reached $81.84 per barrel — its highest level in 2025.
Government’s Deregulation Stance
On Thursday, Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), reiterated that the government is no longer involved in setting fuel prices following the sector’s full deregulation. He emphasized that international crude oil prices are now the primary determinant of local pump prices.
This latest adjustment signals further strain on consumers amid ongoing economic challenges, with many bracing for higher transportation and logistics costs in the weeks ahead.
Send Us A Press Statement Advertise With Us Contact Us
And For More Nigerian News Visit GWG.NG
