In response to the rising 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 known as petrol.
In an email obtained on Friday, the refinery disclosed that petrol at its loading gantry will now cost N955 per litre, reflecting a pricing adjustment. Marketers purchasing 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 marks a 6.17% increase from the N899.50 per litre holiday discount offered last December. The new pricing structure applies to all unsold stock as of the effective time, with pending volumes also repriced accordingly.
The statement titled “Communication on PMS Price Review” outlined:
- Previous Prices:
- 2 million–9.99 million litres: N899.50
- 10 million litres & above: N895
- New Prices:
- 2 million–4.99 million litres: N955
- 5 million litres & above: N950
The revised prices take effect from 5:30 PM today, as per the notification.
An oil and gas analyst, Olatide Jeremiah, highlighted the ripple effect this change could have on the downstream petroleum sector. He noted that private depots, major marketers, and independent marketers are likely to adjust their rates in response to the new pricing.
“Dangote Refinery’s influence on fuel pricing is significant, and this increase will likely push up petrol pump prices across the country,” Jeremiah explained. He further attributed the hike to the Brent crude price of $81.84 per barrel, the highest so far in 2025.
On Thursday, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reaffirmed that fluctuations in crude oil prices remain the primary driver of petrol pump price adjustments, emphasizing that the downstream sector is fully deregulated, leaving the government out of price-setting decisions.
The increase is expected to have widespread implications for consumers and the petroleum industry alike.
