Oil and Gas
Dangote Refinery Increases Petrol Price to N955/Litre for Bulk Buyers Amid Global Crude Oil Surge
The Dangote Petroleum Refinery has announced an upward adjustment in the price of Premium Motor Spirit (PMS), also known as petrol, to its customers.
According to PUNCH ONLINE, this was contained in an email statement, made available on Friday, January 17, stating that the new price regime is attributed to the consistent surge in the price of Brent, the global benchmark for crude.
In an email, the refinery informed its customers that its refined products would now be priced at N955 per litre at the loading gantry.
The new pricing structure marks an increase of N55.5 or 6.17% from N899.50 per litre announced as a holiday discount for Nigerians last December.
The statement read: “Dear Esteemed Customer, Trust this email finds you well. Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.”
The refinery provided a breakdown of the new pricing structure:
Quantity
Previous Price (NGN/Litre)
2 million-9.99 million -N899.50
10 million Litres & Above N895
New Price (NGN/ Litre)
2 million – 4.99 million N955
5 million Litres & Above N950
The refinery noted that all stock balances yet to be lifted as at the stated time would be repriced at the new reviewed prices.
“We shall communicate with customers on their revised volumes based on the reviewed prices, in due course,” the statement added.
Oil and gas expert Olatide Jeremiah predicted that the price increase would have widespread effects on the downstream petroleum sector, particularly private depots and retail markets.
“Dangote Refinery’s influence on Fuel price has become unmatched; private depots, Major marketers, and independent Marketers will compete with this new price. Therefore, Nigerians should expect an increase in Petrol Pump Price,” Jeremiah said.
Jeremiah, who is the Chief Executive Officer of petroleum, attributed the price increase to the rising cost of Brent crude oil.
“Brent Crude oil as of today is $81.84, highest in 2025, its one major factor for the increase,” he explained.
The Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, recently disclosed that the price of crude oil in the international market remains a major force in driving the fluctuations in the pump prices of petrol.
He noted that the downstream sector is now fully deregulated, with the government no longer involved in setting prices.
