The Dangote Petroleum Refinery has raised the price of Premium Motor Spirit (PMS), commonly referred to as petrol, from N899.50 to N955 per litre, citing the rising cost of Brent crude oil as a major factor.
In an official statement issued on Friday, the refinery disclosed that the new pricing structure takes effect from 5:30 PM the same day. Marketers purchasing between 2 million and 4.99 million litres will now pay N955 per litre, while those buying 5 million litres and above will pay a slightly reduced rate of N950 per litre.
This adjustment represents a 6.17% increase compared to the N899.50 per litre holiday discount offered last December.
The statement, titled “Communication on PMS Price Review,” outlined the changes:
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Previous Prices:
2 million–9.99 million litres: N899.50 per litre
10 million litres & above: N895 per litre
New Prices:
2 million–4.99 million litres: N955 per litre
5 million litres & above: N950 per litre
It further stated that all stock balances yet to be lifted by the effective time would be repriced at the new rates. Customers are to expect updates on revised volumes in due course.
The hike is expected to have significant implications for the downstream petroleum sector, affecting private depots and retail outlets.
Speaking on the development, Olatide Jeremiah, Chief Executive Officer of petroleumprice.ng, described the Dangote Refinery as a major force in Nigeria’s oil market. “Dangote Refinery’s influence on fuel prices has become unmatched. Private depots, major marketers, and independent marketers will adjust to align with this new price. Nigerians should expect an increase in petrol pump prices,” he said.
Jeremiah also pointed to the surge in Brent crude oil prices, which stood at $81.84 on Thursday—the highest in 2025, as a driving factor for the price increase.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, echoed this view, stating, “The price of crude oil in the international market remains a major force in driving fluctuations in petrol pump prices. With the downstream sector fully deregulated, the government no longer sets prices.”
The new pricing marks another shift in Nigeria’s petroleum landscape, underscoring the influence of global oil dynamics and local market adjustments.
