In response to the ongoing rise in Brent crude prices, the global benchmark for oil, the Dangote Petroleum Refinery has unveiled an updated price list for Premium Motor Spirit (PMS), commonly known as petrol.
According to The PUNCH, which cited an official statement reportedly shared via email on Friday, the refinery announced that the new price at the loading gantry will be ₦955 per litre. This marks a revision in its pricing strategy.
Specifically, marketers purchasing quantities between 2 million and 4.99 million litres will pay ₦955 per litre, while those buying 5 million litres or more will enjoy a reduced rate of ₦950 per litre.
Compared to the holiday discount of ₦899.50 per litre offered in December last year, this represents a ₦55.5 increase or approximately 6.17%.
The revised pricing will apply to all unsold stock at the time the new rates take effect. Any remaining inventory not yet lifted will also be subject to the updated prices.
The refinery confirmed that the changes will be implemented starting at 5:30 PM today.
In a notice titled “Communication on PMS Price Review,” the refinery stated:
“Dear Esteemed Customer,
Trust this email finds you well.
Kindly be informed that as of 5:30 PM today, there will be an upward adjustment in the gantry price of Premium Motor Spirit.
Quantity:
- Previous Price (₦/Litre)
2 million–9.99 million: ₦899.50
10 million litres & above: ₦895 - New Price (₦/Litre)
2 million–4.99 million: ₦955
5 million litres & above: ₦950
Please note that all stock balances not lifted by the specified time will be repriced at the new rates.
We will update customers on their adjusted volumes under the revised pricing structure shortly.”
Industry experts anticipate that this price adjustment will have a notable impact on the downstream petroleum sector, particularly on private depots and retail markets.
Olatide Jeremiah, an oil and gas expert and CEO of Petroleum Price.ng, explained that private depots, major marketers, and independent marketers are likely to adjust their loading prices to remain competitive with Dangote Refinery’s revised rates.
“Dangote Refinery’s influence on fuel pricing is now unparalleled,” Jeremiah remarked. “Private depots and marketers will have to align with this new pricing. Nigerians should brace for an increase in pump prices.”
He also attributed the price hike to the rising cost of Brent crude, which stood at $81.84 per barrel on Thursday, the highest recorded in 2025.
Supporting this perspective, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, stated that international crude oil prices are a key factor influencing petrol price fluctuations in the deregulated downstream sector. He reiterated that the government no longer has a role in determining fuel prices.