Dangote Refinery Announces New Petrol Price

In response to a sustained increase in the price of Brent crude, the global benchmark, the Dangote Petroleum Refinery, has announced a new price list for its customers for Premium Motor Spirit (PMS), commonly referred to as petrol or fuel.

In a statement reportedly disseminated via email on Friday, The PUNCH quoted Dangote Refinery to have revealed that the new price for its refined products will be set at ₦955 per litre at the loading gantry, indicating a revision in its pricing framework.

The refinery specified that marketers purchasing between 2 million and 4.99 million litres will be charged ₦955 per litre, while those acquiring 5 million litres or more will benefit from a slightly lower rate of ₦950 per litre.

This adjustment represents an increase of ₦55.5, or 6.17 per cent, from the ₦899.50 per litre price that was offered as a holiday discount to Nigerians in December of the previous year.

The new pricing structure will apply to all stock balances that have not yet been lifted by the specified time, and any pending stock as of the effective time will also be subject to the revised rates.

The statement further indicated that this new pricing regime will come into effect at 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.

Quantity:

• Previous Price (NGN/Litre)
• 2 million-9.99 million -N899.50
• 10 million Litres & Above N895

Quantity:

• New Price (NGN/ Litre)
• 2 million – 4.99 million N955
• 5 million Litres & Above N950

“Please note that all stock balances yet to be lifted as at the above-stated time are to be repriced at the new reviewed prices.

“We shall communicate with customers on their revised volumes based on the reviewed prices, in due course.”

Naija News reports that the anticipated rise in prices is likely to significantly impact the downstream petroleum industry, especially private depots and retail markets.

An oil and gas specialist, Olatide Jeremiah, told newsmen that depots are expected to raise the loading prices of refined petroleum products due to the substantial influence exerted by the refinery.

Jeremiah, who is the Chief Executive Officer of Petroleum Price.ng, said, “Dangote Refinery’s influence on Fuel price has become unmatched; private depots, Major marketers, and independent Marketers will compete with this new price. Therefore, Nigerians should expect an increase in Petrol Pump Price.

“Brent Crude oil as of today is $81.84, highest in 2025, its one major factor for the increase.”

On Thursday, the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, disclosed that the price of crude oil in the international market remains a significant force in driving the fluctuations in the pump prices of petrol.

He said the downstream sector is now fully deregulated, and the government is no longer involved in setting prices.