The Dangote Petroleum Refinery has announced an upward adjustment in the price of Premium Motor Spirit (PMS), popularly known as petrol, citing the rising cost of Brent crude oil in the global market.
In a statement issued on Friday, the refinery disclosed that the new price structure would see petrol sold at N955 per litre for marketers purchasing between 2 million and 4.99 million litres, while those buying 5 million litres or more will pay N950 per litre. This represents an increase of N55.50 or 6.17% from the previous holiday discount price of N899.50 per litre introduced in December 2024.
The revised pricing takes effect from 5:30 PM today and applies to all stock balances yet to be lifted. Pending stock as of the effective time will also be repriced accordingly.
The statement, titled “Communication on PMS Price Review,” reads:
“Effective from 5:30 PM today, an upward adjustment has been made to the gantry price of Premium Motor Spirit. The new prices are as follows:
2 million–4.99 million litres: N955/litre
5 million litres & above: N950/litre.
“All stock balances yet to be lifted by the stated time will be repriced at the new rates. Customers will be notified of their revised volumes based on the updated pricing in due course.”
This price adjustment is expected to ripple across the downstream petroleum sector, influencing private depots and retail fuel prices nationwide.
An oil and gas analyst, Olatide Jeremiah, emphasized the significant impact of Dangote Refinery on the market. He remarked, “The refinery’s dominance will compel private depots, major marketers, and independent marketers to adjust their prices. Nigerians should anticipate an increase in pump prices due to this development.”
Jeremiah also pointed out that the rising cost of crude oil, which stood at $81.84 per barrel on Thursday, is a major contributor to the price hike.
Similarly, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reiterated that the deregulated downstream sector means petrol prices are now determined by market forces, with global crude oil prices playing a pivotal role in fluctuations.
This development underscores the broader implications of global oil market trends on the domestic economy and fuel pricing dynamics in Nigeria.
