By: Bayero Ade
Dangote Petroleum Refinery has announced a price increase for Premium Motor Spirit (PMS), also known as petrol, for bulk buyers, following the continued rise in global crude oil prices. The refinery disclosed in a statement on Friday that the new price will be N955 per litre at the loading gantry, reflecting an adjustment in its pricing strategy.
According to PUNCH, Customers purchasing between 2 million and 4.99 million litres will now pay N955 per litre, while those buying 5 million litres or more will be charged N950 per litre. This marks a rise of N55.5 per litre, or 6.17%, compared to the price of N899.50 per litre offered in December 2024 as a holiday discount.
The updated pricing structure applies to all stock balances that remain unsold by the effective time, with pending stock also being repriced according to the new rates. The price increase will take effect from 5:30 PM today.
The refinery informed its customers through a notice titled “Communication on PMS Price Review,” advising them of the new pricing regime. This change is expected to have a significant effect on the petroleum sector, particularly private depots and retail markets. Oil and gas expert Olatide Jeremiah noted that Dangote Refinery’s pricing decisions will likely influence private depots, major marketers, and independent marketers, which will lead to a rise in petrol pump prices across the country.
The increase in petrol prices follows a surge in global crude oil prices, with Brent crude reaching $81.84 per barrel today, its highest level in 2025. Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources, had earlier stated that fluctuations in global oil prices continue to be the primary driver of changes in domestic petrol prices, adding that the downstream sector is fully deregulated and the government no longer sets fuel prices.
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