As global Brent crude prices continue to climb, Dangote Petroleum Refinery has informed its customers of a significant increase in the price of Premium Motor Spirit (PMS), commonly known as petrol.
Starting today, petrol at the refinery’s loading gantry will be priced at N955 per litre, reflecting a 6.17% increase from the previous price of N899.50 per litre, which had been discounted in December 2024.
In a statement released on Friday, Dangote Refinery outlined the new pricing structure for marketers: purchases of 2 million to 4.99 million litres will now be priced at N955 per litre, while those buying 5 million litres or more will pay N950 per litre.
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The new prices will apply to all stock balances that have yet to be lifted, and any pending stock will be repriced at the updated rates effective from 5:30 PM on the same day.
The refinery attributed the price adjustment to the continued surge in global crude oil prices, which have reached their highest point in 2025.
Brent crude is currently priced at $81.84 per barrel, significantly influencing the cost of refined products worldwide.
Oil and gas expert Olatide Jeremiah, CEO of petroleum price.ng, noted that the increase is expected to ripple across the entire downstream petroleum sector.
“Dangote Refinery’s influence on fuel prices is unmatched, and private depots, major marketers, and independent sellers will be forced to align with these new prices,” Jeremiah explained.
“This will likely lead to an increase in petrol pump prices for Nigerians.”
The price change comes in the wake of recent remarks by the Minister of State for Petroleum Resources, Heineken Lokpobiri, who highlighted the deregulation of the downstream sector and the impact of global crude prices on domestic fuel costs.
With the government no longer involved in setting petrol prices, fluctuations in international oil prices are now a primary factor in determining pump prices across the country.
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