Following a sustained increase in the price of Brent crude, the global benchmark for oil, the Dangote Petroleum Refinery has announced a price adjustment for Premium Motor Spirit (PMS), commonly known as petrol.
In an email obtained by Punch Online on Friday, the refinery disclosed that the new price for its refined PMS products at the loading gantry will now be ₦955 per litre. This marks a change in its pricing structure.
According to the statement, marketers purchasing between 2 million and 4.99 million litres will pay ₦955 per litre, while those buying 5 million litres or more will pay ₦950 per litre.
This represents an increase of ₦55.50 or 6.17% compared to the previous price of ₦899.50 per litre, which was introduced as a holiday discount in December 2024. The adjustment applies to all stock balances yet to be lifted as of the effective time, with pending stock also repriced at the new rates.
The updated pricing is set to 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.
| Quantity | Previous Price (₦/Litre) | New Price (₦/Litre) |
|---|---|---|
| 2 million – 4.99 million | ₦899.50 | ₦955 |
| 5 million litres & above | ₦895 | ₦950 |
Please note that all stock balances yet to be lifted as of 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.”
The 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 Petroleum Price.ng, noted that private depots are likely to raise their loading prices due to the refinery’s dominant influence.
“Dangote Refinery’s impact on fuel prices is now unmatched. Private depots, major marketers, and independent marketers will need to align with the new pricing structure. Nigerians should, therefore, anticipate a hike in petrol pump prices,” Jeremiah said.
He attributed the price increase to the rising cost of Brent crude, which stood at $81.84 per barrel on Friday—the highest in 2025.
On Thursday, Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), highlighted that international crude oil prices remain a key factor driving fluctuations in local pump prices. He reiterated that the downstream sector is now fully deregulated, with the government no longer setting fuel prices.
