In response to the ongoing rise in the price of Brent Crude, the global benchmark for crude oil, Dangote Petroleum Refinery has communicated an upward adjustment in the price of Premium Motor Spirit (PMS), also known as petrol, to its customers.
According to an email statement obtained by our Correspondent on Friday, the refinery announced that its refined products will now be priced at N955 per litre at the loading gantry, marking a shift in its pricing structure.
The new pricing details indicate that marketers buying between 2 million and 4.99 million litres will purchase at N955 per litre, while those buying 5 million litres or more will be charged N950 per litre. This represents an increase of N55.5, or 6.17%, from the previous holiday discount price of N899.50 per litre, which was set last December.
The refinery emphasized that this adjustment applies to all stock balances that have not yet been lifted by the stated time, and any pending stock at the time of the price change will be repriced accordingly.
The price change will take effect from 5:30 PM today.
The statement, titled “Communication on PMS Price Review,” read in part:
“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.”
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The price hike is expected to have widespread implications for the downstream petroleum sector, particularly in private depots and retail markets.
Olatide Jeremiah, an oil and gas expert and Chief Executive Officer of petroleumprice.ng, highlighted that Dangote Refinery’s influence on fuel pricing is now unparalleled.
“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 prices,” he stated.
Jeremiah also pointed out that the surge in the price of Brent Crude, currently priced at $81.84 as of today—the highest in 2025—remains a key driver of this increase.
In a related development, the Minister of State for Petroleum Resources, Heineken Lokpobiri, confirmed on Thursday that fluctuations in the price of crude oil on the international market are a primary factor influencing changes in petrol pump prices.
He further noted that the downstream sector is now fully deregulated, with the government no longer involved in setting prices.
