- 6.17% Increase Linked to Surge in Brent Crude Prices
- Marketers and Retail Outlets Brace for Downstream Impact
News Report:
The Dangote Petroleum Refinery has raised the price of Premium Motor Spirit (PMS), commonly known as petrol, from N899.50 to N955 per litre, attributing the hike to the rising cost of Brent crude oil.
In a statement released on Friday, the refinery announced that the new pricing structure would take effect from 5:30 PM the same day. The revised rates apply to different purchasing volumes, with marketers buying between 2 million and 4.99 million litres now paying N955 per litre, while those purchasing 5 million litres or more will enjoy a slightly lower rate of N950 per litre.
This adjustment represents a 6.17% increase from the N899.50 per litre holiday discount offered last December. The statement, titled “Communication on PMS Price Review,” emphasized that any stock balances yet to be lifted by the effective time would be repriced at the updated rates, with further updates on revised volumes to follow.
Industry analysts predict significant ripple effects on the downstream petroleum sector, including private depots and retail outlets. Olatide Jeremiah, CEO of petroleumprice.ng, described the Dangote Refinery as a pivotal player in Nigeria’s oil market, stating, “This refinery has become a dominant force in determining fuel prices. Major marketers, private depots, and independent marketers will have to align with the new rates, inevitably leading to higher pump prices for Nigerians.”
Jeremiah linked the increase to a surge in Brent crude prices, which reached $81.84 per barrel on Thursday—the highest recorded so far in 2025.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, also weighed in, explaining, “The international price of crude oil remains a key driver of fluctuations in petrol pump prices. With deregulation of the downstream sector, the government no longer intervenes in setting fuel prices.”
This latest price adjustment highlights the continued impact of global oil dynamics on Nigeria’s deregulated petroleum market, with consumers and industry players bracing for the economic consequences.
