JUST IN: Dangote refinery hikes petrol price to N995.

The Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦995 per litre, marking a fresh rise in Nigeria’s fuel market. The adjustment represents a significant jump from the previous price of ₦874 per litre, according to officials familiar with the development. 

 

Sources within the refinery said the price review followed recent volatility in global crude oil prices and rising shipping costs, which have affected the cost of petroleum products. The new rate means the refinery’s petrol price has risen from ₦774 to ₦995 per litre within four days, reflecting an increase of about ₦221 or roughly 29 percent during the period. 

Industry analysts warn that the increase in the refinery’s ex-depot price could trigger higher pump prices at filling stations nationwide, potentially pushing retail petrol prices above ₦1,050 per litre in some areas depending on transportation costs and marketers’ margins. The adjustment comes amid growing uncertainty in the global oil market, with crude prices rising due to geopolitical tensions and supply concerns.