Petrol Prices Soar to N1,150 Following Dangote Refinery Hike

The pump price of Premium Motor Spirit (PMS), commonly known as petrol, has surged to between N1,050 and N1,150 per litre across different locations after the Dangote Petroleum Refinery and several depot owners raised their prices.

Oil dealers have confirmed that the trend is likely to continue as crude oil prices—the primary cost component in fuel production—keep rising. Festus Osifo, National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), had earlier warned that petrol prices could increase further if crude oil remained on an upward trajectory. On Thursday, the global price of crude reached $80 per barrel, prompting concerns over potential fuel price hikes.

By Friday, the Dangote Refinery adjusted its petrol price from N899 to N955 per litre at its loading gantry. In a statement to its customers, the refinery announced that marketers purchasing between two million and 4.99 million litres would now pay N955 per litre, while those buying five million litres or more would be charged N950 per litre. This marks a 6.17% increase from the discounted price of N899.50 per litre offered last December. The new pricing structure applied immediately to all pending stock balances yet to be lifted.

The refinery’s price hike has had a ripple effect across the downstream petroleum sector, with private depots raising their prices despite having existing stock at lower costs. Depots in Lagos increased loading prices to N970 per litre, while depots in Calabar raised theirs to N1,000 per litre. Notable changes included Sahara Depot, which increased its price from N950 to N970 per litre, Pinnacle Depot from N921 to N970 per litre, and Wosbab Depot from N940 to N965 per litre. NIPCO and Rainoil also raised their prices to N980 and N970 per litre, respectively. In some locations, such as Zone 4 and Mainland depots, the loading cost climbed to N1,005 per litre.

Independent petroleum marketers have projected further price hikes at retail stations, warning that petrol could soon sell for N1,100 per litre in Lagos and N1,150 per litre in Abuja and other parts of the country. Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), attributed the increase to rising global crude oil prices, stating that logistics costs would push retail prices even higher in remote areas.

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) also acknowledged the impact of the Dangote price increase. Its National President, Billy Gillis-Harry, noted that additional regulatory charges would further drive up the pump price, making it difficult for retailers to sell petrol below N1,000 per litre. However, PETROAN members currently selling at N935 per litre through an agreement with MRS Oil said they would maintain that price until further notice.

Experts believe the Dangote Refinery’s pricing strategy is now a key factor shaping fuel costs across Nigeria. Olatide Jeremiah, CEO of petroleumprice.ng, explained that private depots, major marketers, and independent marketers would have to align with the refinery’s new rates. With Brent crude prices reaching $81.84 per barrel—the highest in 2025—the likelihood of further increases in petrol prices remains high.