Dangote Refinery has increased its ex-depot price for Premium Motor Spirit (PMS), commonly known as petrol, to N1,350 per litre, marking another upward adjustment in Nigeria’s increasingly volatile downstream oil market.
The latest price revision was confirmed on Wednesday by a senior refinery official and data from PetroleumPrice.ng, representing a N75 increase from the previous N1,275 per litre.
The adjustment has been implemented across all gantry loading points, compelling fuel marketers to immediately revise their pricing structures.
According to a senior industry source, the updated pricing template has already taken effect across all distribution channels.
“All loading points have been adjusted, and marketers are responding by recalibrating their depot prices. This reflects broader supply and cost pressures rather than an isolated decision,” the official stated.
The increase comes barely a week after the refinery raised its ex-depot price from N1,200 to N1,275 per litre, making it the second N75 hike within seven days.
The rapid succession of price changes underscores the refinery’s growing dominance in domestic fuel supply and its influence on market pricing.
Market analysts attribute the latest hike to a combination of constrained supply, rising global crude oil prices, and elevated logistics costs.
The situation was further exacerbated by a temporary suspension in the issuance of pro forma invoices (PFI) earlier in the week, which limited product availability and intensified pricing pressures.
“The halt in PFI issuance created a short-term supply gap,” another industry insider explained. “When combined with international crude price fluctuations and distribution costs, upward price adjustments become inevitable.”
Despite the recurring price increases, a senior official within the Dangote Group recently disclosed that the refinery has been absorbing part of the cost burden by subsidising petrol and diesel supplied to the Nigerian market.
Over the past month, the refinery has revised petrol prices multiple times, reflecting shifts in crude sourcing costs, foreign exchange challenges, and domestic distribution dynamics.
While there were brief price reductions driven by competition and inventory surpluses, the trend has since reversed amid tightening supply conditions and firmer global oil prices.
The ongoing fluctuations highlight a transitional phase in Nigeria’s deregulated fuel market, where domestic refining is gradually replacing imports but remains highly sensitive to global economic variables.
Industry stakeholders warn that the latest increase is likely to trigger a corresponding rise in pump prices nationwide, as marketers pass on additional costs to consumers.
