In response to the steady rise in the price of Brent crude oil, Dangote Petroleum Refinery has announced an increase in the price of Premium Motor Spirit (PMS), also known as petrol, for bulk buyers.
According to a statement on Friday, the refinery revealed that refined products would now be priced at N955 per litre at the loading gantry, marking a shift in its pricing structure.
The new price means that buyers purchasing between 2 million and 4.99 million litres of petrol will now pay N955 per litre, while those buying 5 million litres and above will be charged N950 per litre.
The adjustment represents an increase of N55.5, or 6.17%, from the previous price of N899.50 per litre, which had been offered as a holiday discount in December 2024.
The refinery further stated that the new pricing applies to all stock balances not yet lifted by the specified time, and any pending stock as of the effective time will also be repriced according to the updated rates. The price adjustment will take effect from 5:30 PM today.
The refinery addressed its customers in a statement titled “Communication on PMS Price Review,” notifying them of the upward adjustment in the gantry price of petrol.
It was emphasized that the price increase would apply to all stock balances and pending stock, with the revised prices expected to affect the entire downstream petroleum sector, particularly private depots and retail markets.
Olatide Jeremiah, an oil and gas expert and CEO of petroleumprice.ng, noted that Dangote Refinery’s influence on fuel prices has become significant, with private depots, major marketers, and independent marketers likely to adjust their prices accordingly. As a result, Nigerians can expect an increase in petrol pump prices.
The increase in petrol prices comes amid a surge in Brent crude oil prices, which reached $81.84 per barrel today, marking the highest level in 2025.
Minister of State for Petroleum Resources, Heineken Lokpobiri, had earlier stated that the fluctuations in global crude oil prices continue to impact domestic petrol prices, with the downstream sector now fully deregulated and the government no longer setting fuel prices.
READ ALSO:
- Father seeks justice for daughter allegedly killed for rituals by Cleric
- TCN refutes claims of national grid collapse in 2025
- Ohanaeze Ndigbo declares mourning period for Ayo Adebanjo
- Mother of Miss Universe Nigeria arrested in South Africa
- NANS threatens to disrupt NELFUND meeting over lack of student representation