The Dangote Petroleum Refinery has announced a significant increase in the price of Premium Motor Spirit (PMS), popularly known as petrol, citing the rising cost of Brent crude, the global benchmark for oil. Effective from 5:30 PM today, petrol will now cost N955 per litre for marketers purchasing between 2 million and 4.99 million litres, while those buying 5 million litres or more will pay N950 per litre.
This price adjustment marks a 6.17% increase from the N899.50 per litre holiday discount offered last December. According to a statement titled "Communication on PMS Price Review," all unsold stock balances and pending inventory will be repriced to reflect the updated rates. The refinery assured customers of further communication on revised volumes based on the new pricing.
Industry expert Olatide Jeremiah, CEO of petroleumprice.ng, noted that the adjustment will likely ripple across the downstream sector, prompting private depots and marketers to raise pump prices. "Dangote Refinery's influence on fuel pricing is unmatched, and Nigerians should anticipate an increase in retail prices," he said. He linked the price hike to Brent crude’s current price of $81.84 per barrel, its highest in 2025.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, affirmed the deregulated nature of the downstream sector, emphasizing that global oil prices now directly impact local fuel costs. With this development, Nigerians may face further economic strain as the cost of transportation and goods adjusts to the new fuel pricing.
