Dangote Refinery Raises Petrol Prices to N955 per Litre Amid Global Oil Price Surge
The Dangote Petroleum Refinery has announced an increase in the price of Premium Motor Spirit (PMS), commonly referred to as petrol, due to rising global crude oil prices. Effective from 5:30 PM today, the new pricing structure will apply to all unsold stock and pending orders.
New Pricing Structure
According to the statement titled “Communication on PMS Price Review,” the new bulk purchase rates are as follows:
- N955 per litre for customers buying between 2 million and 4.99 million litres.
- N950 per litre for bulk purchases of 5 million litres or more.
This represents a 6.17% increase, translating to an additional N55.5 per litre, compared to the discounted rate of N899.50 per litre offered during the December 2024 holiday period.
Reason for the Price Adjustment
The refinery attributed the price hike to the consistent rise in global crude oil prices, particularly the surge in Brent crude oil prices, which reached $81.84 per barrel, the highest level in 2025.
Impact on the Market
The price adjustment is expected to ripple across the domestic petroleum market, affecting costs for distributors, bulk buyers, and consumers. As a critical player in Nigeria’s petroleum industry, the Dangote Refinery’s pricing decisions significantly influence market trends.
This development underscores the impact of global oil market fluctuations on local fuel prices, emphasizing the interconnected nature of global and domestic energy markets.
