Dangote Petroleum Refinery has announced an upward revision in the price of Premium Motor Spirit (PMS), commonly referred to as petrol, due to a consistent rise in Brent crude prices, the global benchmark for oil.
In an email obtained by reporters on Friday, the refinery communicated that petrol would now cost N955 per litre for certain bulk buyers. This marks a significant adjustment in the pricing structure for refined petroleum products.
The new pricing model specifies that marketers purchasing between 2 million and 4.99 million litres will pay N955 per litre, while those buying 5 million litres or more will pay a slightly reduced rate of N950 per litre.
This represents an increase of N55.5 or approximately 6.17% from the previously announced rate of N899.50 per litre, which had been offered as a holiday discount in December 2024.
The statement also clarified that these new rates would apply to all stock balances that had not been lifted by the effective time of the update. Pending stock as of 5:30 PM on the announcement day would also be repriced according to the revised rates.
The notice titled, “Communication on PMS Price Review” read, “Dear Esteemed Customer, Trust this email finds you well.
“Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.
Quantity
Previous Price (NGN/Litre)
2 million-9.99 million -N899.50
10 million Litres & Above N895
Quantity
New Price (NGN/ Litre)
2 million – 4.99 million N955
5 million Litres & Above N950
“Please note that all stock balances yet to be lifted as at the above-stated time are to be repriced at the new reviewed prices.
“We shall communicate with customers on their revised volumes based on the reviewed prices, in due course.”
Experts predict that this price hike will have ripple effects throughout the downstream petroleum sector.
Olatide Jeremiah, Chief Executive Officer of petroleumprice.ng, noted that private depots, major marketers, and independent marketers would likely align their prices with the Dangote Refinery’s adjustment. He added, “Nigerians should expect an increase in petrol pump prices.”
The price of Brent crude oil, which stood at $81.84 per barrel—the highest in 2025—was identified as a major contributing factor to the hike. Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, emphasized that fluctuations in global crude oil prices now directly affect local petrol rates, as the downstream sector is fully deregulated, with the government no longer setting prices.
