Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS) also known as petrol following the rising price of Brent crude oil, the global benchmark.
Here is the new price as contained in an official statement on Friday:
Two (2) million to 4.99 million litres: ₦955 per litre
Five (5) million litres and above: ₦950 per litre
This is a 6.17% increase from the previous discounted price of ₦899.50 per litre introduced in December as a holiday offer.
According to the refinery, the new prices are for all unsold stock as of the time stated.
FreshNews.ng gathered that any pending stock will be repriced according to the new rates. Customers will be informed of revised volumes tied to the new pricing.
The price increase will affect private depots and retail markets in the country.
Olatide Jeremiah, an oil and gas expert and CEO of PetroleumPrice.ng disclosed that private depots, major marketers and independent marketers will likely adjust their prices to stay competitive.
And that consumers should expect an increase in pump price of petrol as a result.
Global Oil Price:
The rising Brent crude price of $81.84 per barrel (highest in 2025) is the main driver of the increase.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri had said Nigeria’s fully deregulated downstream sector now operates without government price control, so global crude oil price is the price of PMS.
With this development Nigerians should expect higher fuel prices at the pump in the coming days.
With the removal of subsidy, fuel prices will vary according to international market.
The new price from Dangote Refinery is part of the overall economic adjustment to global oil market. For Nigerians, this is a wake up call to adapt to the reality of a deregulated petroleum sector.
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