BREAKING: Dangote Refinery Hikes Petrol Price Again [DETAILS]
The Genius Media Nigeria reports that The Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS) to N880 per litre, a move that is expected to trigger a new wave of pump price hikes across the country.
The increase, confirmed through a verified pro forma invoice and data from petroleumprice.ng, reflects an N55 jump from the earlier price of N825. Fuel marketers say the ripple effect could see petrol prices rise above N900 per litre, especially in areas outside major distribution hubs.
The hike comes despite a global decline in crude oil prices. As of Friday, Brent crude dropped by 3.02% to $76.47 per barrel, WTI traded at $74.93, and Murban stood at $76.97. However, fears of supply disruptions and Nigeria’s worsening exchange rate issues continue to drive up local fuel prices.
Increased dependence on imported crude, particularly from the United States, is also contributing to rising costs at the refinery. Aliko Dangote, president of the Dangote Group, recently revealed that the 650,000-barrel-per-day capacity plant now relies heavily on U.S. crude due to supply shortages within Nigeria.
Speaking to members of the Technical Committee overseeing the naira-for-crude policy, Dangote explained that “the refinery is increasingly depending on the United States for crude oil.” Documents show the refinery plans to import around 17.65 million barrels of crude between April and July 2025, of which about 3.65 million barrels have already been delivered.
Meanwhile, marketers have begun responding to the price adjustment. Several depot operators in Lagos and across major cities withheld supply earlier in the week, following reports that Dangote had paused sales and delayed new price releases. This uncertainty sparked speculative pricing and panic adjustments across the downstream sector.
Industry watchers have slammed the inconsistency in pricing. The president of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, criticised the disconnect between falling global oil prices and stagnant or rising pump prices in Nigeria.
“If you go online and check the PLAT cost per cubic meter of PMS, convert that to litres and then to our naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre,” Osifo stated.
He added, “If the people are forced to endure the hardship of high prices, they should at least benefit when prices drop.”
With the latest adjustment by the Dangote refinery, Osifo’s prediction appears to be materialising, stoking fresh fears among Nigerians already grappling with a rising cost of living.
