Dangote refinery increases petrol price following surge in Brent crude

• Dangote Refinery has hiked the price of petrol due to the surge in global crude oil prices, marking a 6.17% increase
• The new price for refined petrol will be N955 per litre, with different rates for various purchasing volumes
• The price change is set to affect downstream petroleum sectors, with expected ripple effects on retail petrol prices

The Dangote Petroleum Refinery has announced an upward adjustment in the price of Premium Motor Spirit (PMS), also known as petrol, following a consistent rise in the price of Brent, the global benchmark for crude oil.

In an email statement issued on Friday, January 17, the refinery revealed that the new price for its refined products will be N955 per litre at the loading gantry. This marks an increase of N55.5 or 6.17% from the N899.50 per litre offered as a holiday discount in December 2024.

The new pricing structure is as follows: marketers purchasing between 2 million and 4.99 million litres will pay N955 per litre, while those buying 5 million litres and above will be charged N950 per litre. 

The adjusted price will apply to all stock balances that have not yet been lifted by the specified time, and pending stock will also be repriced at the new rates.

The price change will take effect at 5:30 PM on the same day. The notice, titled "Communication on PMS Price Review," explained the changes and urged customers to be aware of the new rates.

The price increase is expected to significantly impact the downstream petroleum sector, particularly in private depots and retail markets. 

Oil and gas expert Olatide Jeremiah noted that Dangote Refinery's influence on fuel prices is now unmatched, predicting a rise in petrol pump prices across Nigeria as private depots and marketers adjust to the new price.

Jeremiah attributed the increase to the current price of Brent Crude oil, which as of Thursday is at $81.84, the highest it has been in 2025.

Minister of State for Petroleum Resources, Heineken Lokpobiri, also highlighted that fluctuations in global crude oil prices continue to play a major role in the changing pump prices of petrol, noting that the downstream sector is now fully deregulated and no longer subject to government-imposed price controls.

Africa’s largest refinery, Dangote, exports first PMS to Cameroon

Meanwhile, TheRadar earlier reported that Africa’s largest refinery, Dangote Refinery, shipped its first Premium Motor Spirit (PMS) to Cameroon in partnership with Neptune Oil.

In a statement released on Wednesday, December 11, Dangote expressed that the achievement was made possible by the strategic alliance between the two companies, reinforcing their dedication to boosting Nigeria-Cameroon economic relations and addressing the growing energy demand in the region.