The Dangote Petroleum Refinery has announced an upward revision in the price of Premium Motor Spirit (PMS), commonly known as petrol, citing the rising cost of Brent crude, the global benchmark for oil.
In an official email obtained on Friday, the refinery informed its customers that petrol would now be sold at N955 per litre at the loading gantry. This marks a price adjustment from the previous N899.50 per litre, which had been introduced as a holiday discount in December 2024.
Revised Pricing Structure
The refinery outlined its new pricing system based on the volume of purchases:
• Buyers purchasing between 2 million – 4.99 million litres will now pay N955 per litre.
• Orders of 5 million litres and above will be priced at N950 per litre.
The price adjustment applies to all stock balances that are yet to be lifted as of the stated time, with any pending inventory being repriced at the new rates.
According to the statement, the revised pricing took effect at 5:30 PM today.
Official Communication on Price Review
In a notice titled “Communication on PMS Price Review”, the refinery informed customers about the new changes.
Previous Pricing:
• 2 million – 9.99 million litres: N899.50 per litre
• 10 million litres & above: N895 per litre
New Pricing:
• 2 million – 4.99 million litres: N955 per litre
• 5 million litres & above: N950 per litre
The statement further noted that affected customers would be informed of their revised volumes based on the updated prices.
Impact on the Downstream Petroleum Sector
The price adjustment is expected to have a ripple effect on the downstream sector, particularly among private depots and retail fuel marketers.
Oil and gas expert Olatide Jeremiah, CEO of Petroleum Price.ng, highlighted the refinery’s growing influence on fuel prices, stating:
“The pricing strategy of Dangote Refinery is reshaping the industry. Private depots, major marketers, and independent retailers will have to adjust their prices accordingly, which could lead to an increase in pump prices for consumers.”
He further attributed the price hike to the rising cost of Brent crude, which stood at $81.84 per barrel, its highest level in 2025.
On Thursday, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reaffirmed that the fluctuations in petrol prices are primarily driven by crude oil prices in the global market. He also emphasized that Nigeria’s downstream sector is now fully deregulated, meaning the government no longer controls petrol pricing.
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