JUST IN: Dangote Refinery Announces Petrol Price Hike

Dangote Refinery increases petrol prices, citing rising operational costs and market dynamics. This development may impact fuel costs across Nigeria.

In response to a consistent rise in Brent crude prices, which serve as the global oil benchmark, the Dangote Petroleum Refinery has announced an increase in the price of Premium Motor Spirit (PMS), commonly referred to as petrol.

In a statement released on Friday, the refinery announced that its refined petrol would now be priced at N955 per litre at the loading gantry. Marketers purchasing between 2 million and 4.99 million litres will pay this new rate of N955 per litre, whereas those buying quantities of 5 million litres or more will enjoy a reduced price of N950 per litre.

This change represents a 6.17% rise from the prior price of N899.50 per litre, which was offered as a holiday discount in December 2024.

The updated pricing structure will be implemented for all stock not yet lifted as of the effective time, with pending stock being repriced accordingly. The new rates become active at 5:30 PM today, as stated in the notice titled “Communication on PMS Price Review.”

The announcement stated:

Dear Valued Customer, I hope this email finds you well.

Please be informed that starting at 5:30 PM today, the gantry price of Premium Motor Spirit has been increased.

Quantity Previous Price (NGN per Litre) New Price (NGN per Litre)

2 million to 4.99 million at a price range of N899.50 to N955

5 million and above: N895 to N950

All unsold stock remaining as of the specified time will be repriced according to the newly adjusted rates.

“We will inform customers about their adjusted volumes in line with the updated prices as soon as possible.”

According to industry experts, this price change is expected to affect the downstream petroleum sector, which encompasses private depots and retail markets.