In response to a steady 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), also known as petrol, effective Friday.
In a statement issued via email, the refinery revealed that its refined products would now be priced at N955 per litre at the loading gantry, reflecting a revision in its pricing structure.
The new pricing applies to purchases based on volume: marketers buying between 2 million and 4.99 million litres will pay N955 per litre, while those purchasing 5 million litres or more will pay N950 per litre.
This marks an increase of N55.50, or 6.17%, from the N899.50 per litre price offered as a holiday discount in December 2024.
The price adjustment will affect all stock balances not yet lifted by the stated time, with pending stock at the effective time also to be repriced according to the new rates. The new price structure will take effect from 5:30 PM 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.”
The breakdown of the price changes is as follows:
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
The refinery further clarified that all stock balances yet to be lifted as of the specified time will be repriced at the new rates.
Industry experts have warned that this price increase is expected to significantly impact the downstream petroleum sector, particularly private depots and retail markets.
Olatide Jeremiah, an oil and gas expert and CEO of petroleumprice.ng, stated that private depots are likely to follow suit with price hikes due to the strong influence of the Dangote Refinery. “Dangote Refinery’s dominance over fuel pricing is unmatched. Private depots, major marketers, and independent marketers will likely align with this new price, meaning Nigerians should expect an increase in petrol pump prices,” he said.
Jeremiah pointed to the current price of Brent Crude oil, which has risen to $81.84, as a major factor in the price hike.
Meanwhile, Minister of State for Petroleum Resources, Heineken Lokpobiri, reaffirmed on Thursday that the international price of crude oil continues to play a critical role in fluctuations in domestic petrol prices. He also highlighted that the downstream sector is now fully deregulated, with the government no longer involved in price-setting.
