Dangote refinery increases petrol price to N955 per litre

The Dangote Petroleum Refinery has increased the ex-depot price of its petrol, also called premium motor spirit (PMS).

In an email to customers on Friday, the refinery said its refined products would now cost N955 per litre at the loading gantry.

The upward adjustment comes amid rising crude oil prices in the international market, with the cost of Brent, the global benchmark for crude, recently hitting $81 per barrel.

Oil marketers had said the increase in global crude prices is taking a toll on local production, warning of an imminent hike in pump prices.

Speaking to TheCable on Friday, Chinedu Ukadike, the national publicity secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the latest price adjustment.

“Yes, we received an email from Dangote that they have increased price from N899 to N955,” he said.

In the email, Dangote refinery said marketers buying between 2 million – 4.99 million litres will now pay N955 per litre while 5 million litres and above will be sold at N950 per litre.

“Kindly be advised that, effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit (PMS), as detailed in the table below,” the email, seen by TheCable, reads.

“Please note that all stock balances yet to be lifted as at the above stated time, are to be repriced at the new reviewed prices.

“We shall communicate with customers on their revised volumes based on the reviewed prices, in due course.”

In November 2024, the Dangote refinery reduced the petrol ex-depot price to N970 per litre and further lowered it to N899.5 in December.