The Dangote Petroleum Refinery has announced a revised price for Premium Motor Spirit (PMS), commonly known as petrol, following a rise in the price of Brent crude, the global benchmark.
Effective from 5:30 PM today, the new price at the loading gantry will be ₦955 per litre for marketers purchasing between 2 million and 4.99 million litres, while those buying 5 million litres or more will pay ₦950 per litre. This marks an increase of ₦55.5 (6.17%) from the previous discounted rate of ₦899.50 per litre offered during the December holidays.
The adjustment applies to all stock balances not lifted by the effective time. A statement titled “Communication on PMS Price Review” noted, “Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.”
Industry experts believe this price hike will significantly affect the downstream petroleum sector. Olatide Jeremiah, CEO of Petroleum Price.ng, explained that private depots, major marketers, and independent marketers are likely to adjust their prices to compete with Dangote Refinery, potentially leading to higher pump prices for consumers.
Jeremiah attributed the increase to the rising cost of Brent crude, which reached $81.84, its highest in 2025. Meanwhile, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reiterated that with the downstream sector fully deregulated, petrol prices are now driven by market forces, particularly fluctuations in international crude oil prices.
The new pricing structure is expected to have widespread implications for the Nigerian petroleum industry and consumers.
