Dangote Petroleum Refinery has announced a price hike for Premium Motor Spirit (PMS), commonly known as petrol, due to rising global crude oil prices. Starting today at 5:30 PM, the new price at the refinery’s loading gantry will be ₦955 per litre for quantities between 2 million and 4.99 million litres. Those purchasing 5 million litres or more will pay ₦950 per litre.
This marks a ₦55.5 increase, or a 6.17% rise, from the previous discounted price of ₦899.50 per litre. The adjustment comes as Brent crude oil prices continue to climb, with the current price at $81.84 per barrel, the highest in 2025.
The impact of the price change is expected to ripple through the downstream petroleum sector, influencing both private depots and retail pump prices. Industry experts, including Olatide Jeremiah, CEO of Petroleum Price.ng, predict that Nigerians will face higher fuel prices at the pump as a result of the refinery’s price increase. With the downstream sector fully deregulated, the government no longer sets fuel prices, leaving market forces to dictate costs.