The pump price of petrol has skyrocketed to between N1,050 and N1,150 per litre, driven by an increase in crude oil prices and new pricing from the Dangote Petroleum Refinery. Depot owners have adjusted their rates accordingly, with loading prices in Lagos now at N970/litre and up to N1,000/litre in Calabar. Oil marketers predict further increases in hinterland areas, with prices potentially surpassing N1,150/litre due to logistics costs.
The Dangote Refinery, which recently raised its Premium Motor Spirit (PMS) price to N955/litre, attributed the hike to the rising global cost of crude oil, currently at $81.84 per barrel—the highest in 2025. This price adjustment, effective from Friday evening, also affects pending stock balances, creating a ripple effect across the downstream petroleum sector.
Petroleum marketers under IPMAN and PETROAN have expressed concerns over the price surge, emphasizing its immediate impact on domestic production and logistics costs. According to PETROAN President Billy Gillis-Harry, retailers face additional charges, making it difficult to sell petrol below N1,000/litre in most locations.
Industry experts like Olatide Jeremiah highlighted the growing influence of the Dangote Refinery on petrol pricing, stating that private depots and marketers are struggling to compete. The deregulated market, driven by demand, supply, and crude prices, is expected to maintain fluctuating petrol costs in the coming weeks.
