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Tension At The Pumps: Dangote Refinery’s New Price May Trigger Nationwide Petrol Hike
The Dangote Petroleum Refinery has raised its ex-depot price for Premium Motor Spirit (PMS) to ₦880 per litre, marking a ₦55 increase from the previous rate of ₦825/litre. This was confirmed through petroleumprice.ng, a real-time fuel rate tracker,....KINDLY READ THE FULL STORY HERE▶
Industry analysts warn that the price hike is likely to ripple through the downstream oil sector, pushing pump prices beyond ₦900/litre—especially in areas far from major depots.
This increase comes despite a drop in global crude prices. Brent crude fell by 3.02% to $76.47, WTI to $74.93, and Murban to $76.97. However, Dangote Refinery attributes the price adjustment to rising operational costs and persistent forex challenges.
On Thursday, Aliko Dangote, President of the Dangote Group, revealed that the 650,000-barrel-per-day refinery now relies increasingly on imported crude from the United States. Records show that the refinery aims to import 17.65 million barrels of crude oil between April and July 2025, with 3.65 million barrels already received in the last two months under the Federal Government’s naira-for-crude arrangement.
Dangote admitted the refinery is still facing shortages of local crude supply, making foreign imports necessary to maintain operations.
Meanwhile, labour leaders have criticised the persistent high retail prices of petrol, despite the favorable international crude market. Festus Osifo, President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), accused oil marketers of profiteering at the expense of consumers.
Osifo said, “If you check the PLAT pricing per cubic metre of PMS and do the conversion, petrol should be sold between ₦700 and ₦750 per litre with crude around $60 per barrel.” He added, “If Nigerians suffer when prices are high, they should equally benefit when prices are low.”
His warning now appears prophetic as depot owners and fuel marketers across the country begin responding to Dangote’s new pricing. Sources report that many operators, particularly in Lagos, are set to adjust their retail price bands to align with the new ex-depot rate.
The refinery’s temporary halt in issuing Pro Forma Invoices earlier in the week had already caused price instability and speculation, with opportunistic markups spreading across key depots nationwide.
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