The Dangote Petroleum Refinery, announced an upward adjustment in the price of Premium Motor Spirit (PMS), commonly known as petrol, citing a sustained rise in Brent crude oil prices, the global benchmark.
In a statement obtained on Friday, the refinery confirmed that its refined PMS would now be sold at ₦955 per litre for bulk purchases of 2 to 4.99 million litres, while purchases of 5 million litres and above would be priced at ₦950 per litre.
The revised pricing represents a 6.17% increase from the ₦899.50 per litre holiday discount offered in December 2024.
The new price structure took effect from 5:30 PM on Friday and applies to all unlifted stock balances.
Pending stock at the stated time will also be repriced according to the updated rates.
The notice, titled “Communication on PMS Price Review,” read in part:
“Dear Esteemed Customer, kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.
“Previous Price (NGN/Litre):”
2 million–9.99 million litres: ₦899.50
10 million litres and above: ₦895
“New Price (NGN/Litre):”
2 million–4.99 million litres: ₦955
5 million litres and above: ₦950
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.”
This adjustment is expected to significantly impact the downstream petroleum sector, influencing prices across private depots and retail markets.
Olatide Jeremiah, Chief Executive Officer of “petroleumprice.ng”, commented on the development, stating:
“Dangote Refinery’s influence on fuel prices has become unmatched.
Private depots, major marketers, and independent marketers will align with this new price.
Consequently, Nigerians should anticipate an increase in petrol pump prices.”
Jeremiah also noted that Brent crude oil prices, which stood at $81.84 per barrel, the highest in 2025, remain a major factor in the price adjustments.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reiterated on Thursday that the price of crude oil in international markets plays a crucial role in determining fluctuations in domestic petrol prices.
With the deregulation of the downstream petroleum sector, the government is no longer involved in price setting, leaving market forces to dictate pump prices.
