In response to rising global crude oil prices, the Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS), also known as petrol, for bulk buyers. The new rates, effective from 5:30 PM on Friday, mark a significant adjustment in the pricing structure.
According to an email statement obtained on Friday, customers purchasing between 2 million and 4.99 million litres will now pay N955 per litre, while those buying 5 million litres or more will pay N950 per litre.
The new prices represent a 6.17% increase from the previous rates of N899.50 and N895 per litre, which were introduced as holiday discounts in December 2024. The refinery noted that all unsold stock will be repriced according to the updated rates.
Official Statement Highlights
The notice, titled “Communication on PMS Price Review,” informed customers of the upward adjustment, stating:
“Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.”
Pricing Breakdown
- 2 million–4.99 million litres: N955 per litre
- 5 million litres & above: N950 per litre
The statement also assured customers that revised volumes based on the new pricing would be communicated shortly.
Implications for the Market
The price hike is expected to ripple through the downstream petroleum sector, impacting private depots and retail markets. Olatide Jeremiah, CEO of petroleumprice.ng, explained:
“Dangote Refinery’s influence on fuel pricing is unparalleled. This adjustment will push private depots, major marketers, and independent marketers to align with the new rates, leading to a likely increase in pump prices nationwide.”
Jeremiah also linked the hike to the current Brent crude oil price of $81.84 per barrel, the highest in 2025.
Government Stance
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reiterated that the downstream sector is fully deregulated, with the government no longer involved in setting fuel prices. He emphasized that global crude oil prices remain the primary driver of petrol price fluctuations.
The new price regime underscores the impact of global market dynamics and the pivotal role of Dangote Refinery in shaping Nigeria’s petroleum pricing landscape.
