The Dangote Petroleum Refinery has announced an increase in the price of Premium Motor Spirit, commonly known as petrol, for bulk buyers.
The new price, effective from 5:30 PM on January 17, 2025, sets the cost at N955 per litre for customers purchasing between 2 million and 4.99 million litres, while those buying 5 million litres or more will pay N950 per litre.
This change marks a 6.17% increase from the previous price of N899.50 per litre, which was introduced as a holiday discount in December 2024.
The refinery communicated the price adjustment in a notice titled “Communication on PMS Price Review”, stating, “Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit. All stock balances yet to be lifted as at the above-stated time will be repriced at the new rates.”
The breakdown of the new pricing structure is as follows: 2 million – 4.99 million litres:** N955 per litre, 5 million litres and above: N950 per litre.
The price increase is attributed to the rise in the global price of crude oil, with Brent Crude reaching $81.84, its highest in 2025. This has led to expectations of higher petrol pump prices across Nigeria.
Oil and gas expert, Olatide Jeremiah, explained the broader implications of this development. “Dangote Refinery’s influence on fuel pricing is unmatched. Private depots, major marketers, and independent marketers will adjust their prices to compete. Nigerians should prepare for an increase in petrol pump prices,” he said.
Jeremiah also noted that crude oil prices remain a significant factor driving fluctuations in petrol prices.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, confirmed on Thursday that the downstream petroleum sector is fully deregulated. “The government is no longer involved in setting prices. The international market prices of crude oil continue to play a major role in determining petrol costs,” he stated.
The price hike is expected to impact private depots, retail markets, and transportation costs. Many Nigerians are concerned about the ripple effects on daily expenses.
