Dangote Petroleum Refinery & Petrochemicals announced a significant increase in its Premium Motor Spirit (PMS), commonly known as petrol, gantry price, raising the benchmark by ₦100 per litre.
This adjustment came as a direct response to sustained volatility in global crude oil markets and rising replacement costs, a senior industry source confirmed, signalling that the refinery’s internal cost structure had shifted sufficiently to warrant a new pricing floor.
The revised ex‑depot price set by Dangote has already begun to reflect in retail fuel markets across major cities.
Within hours of Dangote’s price revision, its partner retail outlet, MRS Oil Nigeria Plc, aligned its petrol pump prices accordingly, implementing an equivalent ₦100 per litre hike at its service stations.
The Nigerian National Petroleum Company (NNPC) Limited followed suit, adjusting its own petrol retail pricing by a similar margin, thereby broadening the impact of the increase nationwide.
Market surveys in urban centres such as Abuja revealed that several other independent filling stations also raised pump prices in response to the new pricing benchmark, indicating that the sector as a whole is recalibrating to the updated cost environment.
fuel prices at the pump have now climbed sharply, with retail rates in many parts of the country reaching levels approaching ₦975 per litre.
The simultaneous adjustments by Dangote’s partner marketers and NNPC have compounded pressure on motorists and downstream stakeholders, at a time when broader economic conditions already strain household budgets.
Analysts say that the price increases underscore the sensitivity of Nigeria’s domestic fuel market to both global crude price trends and local refining cost dynamics, with the recent hike reflecting a shift toward more cost‑reflective pricing after years of post‑subsidy market volatility.
Source: LIB
