In response to the ongoing surge in Brent crude prices, the global oil benchmark, Dangote Petroleum Refinery has introduced a revised price structure for Premium Motor Spirit (PMS), commonly known as petrol.
According to a statement reportedly issued via email and quoted by The PUNCH on Friday, the new price for PMS at the refinery's loading gantry is now ₦955 per litre for marketers purchasing between 2 million and 4.99 million litres. Bulk buyers acquiring 5 million litres or more will enjoy a reduced rate of ₦950 per litre.
This adjustment represents a 6.17% increase from the previous holiday discount rate of ₦899.50 per litre offered to Nigerians in December 2024.
The statement, titled “Communication on PMS Price Review,” noted that the new pricing regime would take effect from 5:30 PM today. It emphasized that all unlifted stock balances as of the implementation time would be subject to the revised rates.
The notice detailed the pricing changes as follows:
Previous Prices:
2 million–9.99 million litres: ₦899.50
10 million litres and above: ₦895
New Prices:
2 million–4.99 million litres: ₦955
5 million litres and above: ₦950
The refinery assured customers that revised volumes based on the updated prices would be communicated in due course.
Industry Implications
Analysts predict that the price adjustment will significantly affect the downstream petroleum sector, influencing private depots and retail markets.
Olatide Jeremiah, CEO of Petroleum Price.ng, explained that the Dangote Refinery's pricing power could prompt private depots, major marketers, and independent marketers to align their prices with the new rates. This, in turn, may result in an increase in petrol pump prices nationwide.
“Brent crude oil currently trades at $81.84, the highest in 2025, making it a major factor in the price adjustment,” Jeremiah added.
On Thursday, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, affirmed that global crude oil prices remain a critical driver of petrol price fluctuations. He reiterated that the downstream sector is fully deregulated, with the government no longer involved in price-setting decisions.
The announcement is expected to shape market dynamics and consumer behavior in the coming weeks.