The Dangote Petroleum Refinery has adjusted its Premium Motor Spirit (PMS) gantry price upward to N995 per litre, marking a significant N221 increase in just four days.
This sharp 29% surge from Monday’s N774 base price comes as global crude oil markets and shipping logistics face extreme volatility.
A senior refinery official confirmed the review on Friday, noting that the change was a direct response to shifting global market fundamentals.
This latest hike follows a mid-week adjustment from N774 to N874, highlighting the speed of the current price correction.
Data from petroleumprice.ng verified that the portal has already transitioned to the new N995 benchmark.
Industry experts warn that with this new gantry rate, retail pump prices are expected to exceed N1,050 per litre nationwide once transportation costs and marketers’ margins are factored in.
Sources confirmed that truck-out operations for petrol were suspended at about 2:00 a.m. on Friday, leaving depot owners and bulk marketers uncertain about the refinery’s next pricing direction.
Market participants noted that similar pauses in petrol loading at the facility have historically preceded price adjustments.
Officials at the refinery have repeatedly defended its pricing decisions, insisting that petrol prices must reflect prevailing global crude oil prices, logistics costs and operational realities.
Persecondnews recalls that the refinery had in a statement issued on Thursday, emphasised that it does not arbitrarily determine prices but adjusts them based on international market movements and the cost of crude oil used for refining.
The refinery said its pricing strategy reflects Nigeria’s transition to a fully deregulated downstream petroleum market, where petrol prices are now largely influenced by global crude oil prices, foreign exchange rates and supply dynamics.
It also promised to ensure that Nigeria is insulated from global supply shocks by prioritising supply to the domestic market amid the ongoing US-Iran war.
“The Dangote Refinery will ensure that Nigeria is insulated from these supply shocks by prioritising supply to the domestic market. This is one of the many benefits of domestic refining.
“The conflict has driven global crude and freight prices sharply higher, with benchmark Brent prices rising by about 26 per cent within a short period to above $84.0 per barrel,” the statement read.
The refinery said it has absorbed about 20 percent of the rising costs in order to help ease pressure on the domestic market.
Recent data from the Major Energies Marketers Association of Nigeria (MEMAN) reveals a growing price gap between local and foreign fuel as Middle East tensions escalate.
According to the report, imported petrol is currently priced approximately N64 per litre lower than the supply produced by the Dangote Petroleum Refinery.
A similar trend persists in the diesel market, where Dangote’s product is listed at N1,169.42 per litre, compared to N1,125.70 for imported alternatives.
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