Dangote Refinery Raises Petrol Prices – What This Means For Nigerians

Dangote Refinery Raises Petrol Prices – What This Means For Nigerians

In response to the ongoing surge in global Brent crude prices, Dangote Petroleum Refinery has unveiled a revised pricing structure for its Premium Motor Spirit (PMS), commonly known as petrol. The new rates, which will take effect today…Dangote Refinery Raises Petrol Prices – What This Means For Nigerians

at 5:30 PM, see a price hike for customers purchasing the refined fuel.

According to a statement from the refinery, the new price will be ₦955 per litre for purchases between 2 million and 4.99 million litres. Bulk buyers acquiring 5 million litres or more will receive a slightly reduced rate of ₦950 per litre. This marks a ₦55.50, or 6.17%, increase from the ₦899.50 per litre charged in December as part of a holiday discount.

Detailed Price Breakdown:

• Previous Price (Dec 2024):
  • 2 million–9.99 million litres: ₦899.50 per litre
  • 10 million litres & above: ₦895 per litre
• New Price (Effective 5:30 PM, January 17, 2025):
  • 2 million–4.99 million litres: ₦955 per litre
  • 5 million litres & above: ₦950 per litre

The refinery emphasized that all remaining stock balances as of the new effective time will be repriced at these updated rates.

This price adjustment is expected to trigger significant price hikes throughout the petroleum industry, particularly in private depots and retail petrol stations. According to Olatide Jeremiah, an oil and gas expert and CEO of Petroleum Price.ng, the ripple effect of Dangote Refinery’s influence is likely to push up petrol pump prices across the country.

Jeremiah further stated, “With Brent Crude hitting $81.84 today, the highest in 2025 so far, this price increase was expected. Dangote’s pricing structure holds substantial sway over private depots, major marketers, and independent marketers, leading to a nationwide rise in pump prices.”

In a related statement, the Minister of State for Petroleum Resources, Heineken Lokpobiri, confirmed that the fluctuations in global crude oil prices will continue to impact local pump prices. He noted that the downstream sector has been fully deregulated, meaning the government no longer plays a role in regulating fuel prices.

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