Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery has raised its ex-depot price for Premium Motor Spirit (PMS) to N880 per litre, up from N825.
The N55 increase has reignited concerns over affordability and further instability in the downstream oil market.
Citing data from petroleumprice.ng and a Pro Forma Invoice obtained by The PUNCH, the hike could push pump prices beyond N900/litre, especially in areas far from distribution centers.
This price adjustment comes despite a decline in global crude oil prices Brent: $76.47 (-3.02%), WTI: $74.93 and Murban: $76.97.
Analysts attribute the refinery’s rising costs to exchange rate volatility and a growing dependence on imported U.S. crude. Aliko Dangote confirmed the shift, citing ongoing supply shortages.
Between April and July 2025, the refinery is set to import around 17.65 million barrels of crude, with 3.65 million barrels already received. This supply is tied to the Federal Government’s naira-for-crude initiative.
Meanwhile, Festus Osifo, President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), condemned the pricing, accusing marketers of exploiting consumers. He argued PMS should be selling for N700 to N750/litre, given current global crude prices.
“If crude is around $60 per barrel, Nigerians should see a drop in prices. It’s unfair for them to bear only the brunt of increases and never the relief of a decrease,” Osifo stated.
In response, fuel marketers and depot operators have begun adjusting prices upward, following Dangote Refinery’s recent pause in PMS sales and a temporary halt on new Pro Forma Invoices earlier this week a move that triggered speculation and opportunistic price hikes across several depots.
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