The Dangote Petroleum Refinery has announced an increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, sparking concerns among Nigerians already grappling with high living costs. The new pricing structure, which takes effect immediately, raises the cost of petrol to N955 per litre for bulk buyers purchasing between 2 million and 4.99 million litres, while those buying 5 million litres or more will pay N950 per litre.
The adjustment, communicated in a notice titled “Communication on PMS Price Review” on Friday, represents a 6.17% increase, or N55.5 per litre, from the N899.50 per litre discounted rate offered during the December 2024 holiday period.
The refinery attributed the price hike to the continued rise in global oil prices, specifically citing the surge in Brent crude, the international benchmark for oil prices, which has reached $81.84 per barrel — the highest level recorded in 2025.
“Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit,” the notice read. It further clarified that the revised prices would apply to all unsold stock balances and pending orders.
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The company assured customers that adjustments to their purchase volumes based on the new pricing structure would be communicated soon.
The new pricing policy, which went into effect at 5:30 PM on Friday, affects all transactions moving forward. The refinery emphasized that pending orders and stock balances not lifted before the deadline would be repriced according to the new rates.
The announcement comes as Nigerians continue to feel the pinch of rising inflation and increasing costs of goods and services. Experts have expressed concern that the higher petrol price may lead to an increase in transportation costs and further strain household budgets.
The hike is a direct result of the global oil market dynamics. “This adjustment is a reflection of rising global oil prices,” Dangote Refinery stated, aligning the move with the consistent upward trend in Brent crude prices.
Many Nigerians have expressed frustration with the news, citing the already high cost of living. A Lagos-based transporter, Tunde Adeyemi, voiced his concerns: “Every time the price of petrol goes up, it affects everything else. Transportation costs will rise, and people like us will feel it the most.”
Similarly, small business owners worry that the increase will cut into their profit margins. “It’s becoming harder to keep my business afloat with these constant price changes,” said Halima Yusuf, a shop owner in Abuja.
The latest price adjustment underscores the delicate balance between domestic fuel pricing and global oil market trends. With Brent crude prices showing no signs of dropping, analysts predict that consumers may face further increases in the months ahead.