In a strategic response to the surge in global crude oil prices, Dangote Petroleum Refinery has announced a significant increase in petrol prices for bulk buyers. Effective immediately, the price of Premium Motor Spirit (PMS), commonly known as petrol, has been adjusted to N955 per litre, up from N899 per litre. This change is poised to have a substantial impact on Nigeria’s downstream petroleum sector and its economic landscape.
The decision by Dangote Petroleum Refinery to raise petrol prices comes against the backdrop of a sharp increase in Brent crude oil prices, which have recently climbed to $81.84 per barrel, the highest level recorded in 2025. The new pricing structure stipulates that bulk buyers purchasing between 2 million and 4.99 million litres will pay N955 per litre, while those acquiring 5 million litres or more will benefit from a slightly reduced rate of N950 per litre.
This represents a notable 6.17% increase, translating to an additional N55.5 per litre compared to the discounted rate of N899.50 per litre offered during the December 2024 holiday period. 
In a statement titled “Communication on PMS Price Review,” the refinery informed its customers that any stock balances yet to be lifted as of the effective time would be repriced at the new rates.
This price hike is anticipated to impact private depots, major marketers, and independent marketers, who are expected to adjust their loading prices accordingly.
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Industry experts, such as Olatide Jeremiah, CEO of Petroleum Price.ng, have noted that Dangote Refinery’s pricing power has become unmatched within the sector, and this new price regime will likely set a benchmark for the industry. Jeremiah emphasized that Nigerians should brace for an increase in petrol pump prices as a consequence.
Further highlighting the issue, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained that the fluctuations in international crude oil prices remain a major driver of the changing pump prices of petrol in Nigeria. With the downstream sector now fully deregulated, the government no longer plays a role in setting these prices.
Conclusion:
The increase in petrol prices by Dangote Petroleum Refinery underscores the broader challenges faced by Nigeria’s petroleum sector amid rising global crude oil prices. As the industry adjusts to the new pricing structure, stakeholders must navigate the economic ramifications and strive to mitigate the burden on consumers.
The situation calls for strategic planning and collaboration within the sector to ensure stability and continued growth despite the global market fluctuations.
