In a move triggered by the consistent rise in global crude oil prices, the Dangote Petroleum Refinery has announced a price adjustment for Premium Motor Spirit (PMS), commonly known as petrol. Effective from 5:30 PM on January 17, 2025, the new price for bulk buyers will be set at N955 per litre for purchases between 2 million and 4.99 million litres, while buyers of 5 million litres and above will pay N950 per litre.
This adjustment represents a 6.17% increase, up by N55.5 from the previous price of N899.50 per litre, which had been set as a holiday discount in December 2024. The change will apply to all stock balances yet to be lifted by the specified time, with pending stock also being repriced accordingly.
The price increase is a direct response to the surge in the price of Brent crude, which has recently climbed to $81.84, its highest level in 2025. Oil and gas expert Olatide Jeremiah, CEO of petroleum price.ng, emphasized the significant impact that Dangote Refinery’s pricing decisions have on the broader petroleum sector. He noted that private depots and marketers will likely follow suit, leading to an inevitable rise in petrol pump prices.
“The influence of Dangote Refinery on fuel prices has become unmatched,” Jeremiah explained. “With the refinery’s new price, Nigerians should expect an increase in petrol pump prices.”
The price hike coincides with ongoing deregulation in Nigeria’s downstream sector, with the government no longer directly involved in setting prices. Minister of State for Petroleum Resources, Heineken Lokpobiri, acknowledged that fluctuations in global crude prices remain a major factor affecting the price of petrol at the pumps.
As the price adjustment takes effect, the downstream petroleum sector is bracing for further price increases, which could ripple through both private depots and retail markets across the country.
