The Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS) to ₦880 per litre, sparking fresh concerns over fuel affordability and potential retail price hikes across the country.
This latest adjustment marks a ₦55 jump from the previous rate of ₦825/litre, as confirmed by checks on petroleumprice.ng and a verified Pro Forma Invoice issued to marketers.
Industry sources say the increase is likely to push pump prices beyond ₦900 per litre in some locations, particularly in areas far from major distribution depots.
The upward review comes at a time when international crude oil prices are on the decline. As of Friday, Brent crude dropped by 3.02% to $76.47 per barrel, West Texas Intermediate (WTI) fell to $74.93, while Murban traded at $76.97. However, the falling global oil prices have offered little respite due to lingering concerns over exchange rate volatility and domestic supply disruptions.
The Dangote Refinery has recently shifted focus towards crude oil imports from the United States due to shortfalls in local supply. Alhaji Aliko Dangote, President of the Dangote Group, on Thursday, disclosed that the 650,000-barrel-per-day refinery is now “increasingly” dependent on U.S. crude to sustain operations.
According to internal projections, the refinery is expected to import a total of 17.65 million barrels of crude between April and July 2025. Of this, about 3.65 million barrels have already arrived, while additional deliveries are expected under the Federal Government’s naira-for-crude exchange policy.
Addressing the Technical Committee of the One-Stop Shop for naira crude sales, Dangote cited persistent local crude shortages as the major reason for turning to international suppliers, further compounding operational costs.
Meanwhile, oil workers have condemned the price increase. On Monday, the President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, accused fuel marketers of exploiting Nigerians by maintaining inflated retail prices.
Osifo argued that with global crude hovering around $60–$70 per barrel, the pump price of PMS in Nigeria should not exceed ₦750 per litre.
“If you convert the PLAT cost per cubic metre of PMS into litres and apply the prevailing exchange rate, you’ll find that petrol should be selling for between ₦700 and ₦750 per litre,” he explained.
He insisted that if citizens bear the cost burden during price hikes, they should equally benefit from drops in global oil prices.
Already, marketers are reacting to the new development. Depot owners and independent fuel distributors, especially in Lagos and other commercial hubs, are preparing for adjustments in their retail prices in line with Dangote’s new ex-depot rate.
Industry insiders revealed that the refinery had paused sales earlier in the week, withholding fresh Pro Forma Invoices, which caused speculation and panic buying, while giving room for arbitrary price hikes in some depots.
As the market absorbs the new realities, consumers are bracing for another round of increases in transportation and commodity costs nationwide.
