Dangote Refinery Raises Petrol Prices Amid Global Surge

The Dangote Petroleum Refinery has raised the price of Premium Motor Spirit (PMS), commonly known as petrol, following a steady increase in global crude oil prices. In a statement issued on Friday, January 17, the refinery announced that the new price for petrol at the loading gantry would be N955 per litre, up from N899.50 per litre. This marks an increase of N55.5 per litre, or 6.17%, compared to the holiday discount offered to Nigerian consumers last December.

The refinery said the price adjustment would take effect from 5:30 PM on the same day, with revised rates applicable to both small and large volume purchases. Under the new structure, petrol prices for orders of 2 million to 4.99 million litres will be N955 per litre, while orders of 5 million litres and above will be priced at N950 per litre. Any remaining stock balances yet to be lifted will also be adjusted according to the new pricing regime.

The increase comes as Brent crude, the global oil benchmark, hit $81.84 per barrel, its highest value in 2025, contributing to rising fuel costs worldwide. Olatide Jeremiah, an oil and gas expert, predicted that the price hike would have far-reaching effects across Nigeria’s downstream petroleum sector, particularly at private depots and retail fuel stations.

The price adjustment also shows the ongoing volatility of global oil markets. In recent comments, Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources, stated that the fluctuating prices of crude oil are the primary drivers behind shifts in domestic fuel costs. With Nigeria’s downstream sector now fully deregulated, the government no longer sets fuel prices, allowing market forces to determine rates.