Dangote Petroleum Refinery has announced a fresh increase in the pump price of Premium Motor Spirit (PMS), raising it from N1,175 to N1,245 per litre, citing rising global crude oil prices triggered by the ongoing Middle East crisis.
In a notice issued to marketers, the refinery disclosed that its ex-depot (gantry) price would rise to N1,245 per litre, while the coastal price increased from N1,512,648 to N1,606,518 per metric tonne.
The company attributed the adjustment to “global market realities,” including fluctuations in crude oil prices and higher shipping costs, noting that these factors are beyond its control.
“The revision reflects global market realities, including fluctuations in crude oil prices and increased shipping costs,” the notice read.
The new pricing takes effect immediately, although marketers with existing supply agreements backed by valid bank guarantees will still be allowed to lift products at the previous rates, provided their guarantees cover the price difference.
“The corresponding cost difference will be debited to marketers’ trading accounts, with evidence of payment required,” the refinery added.
In a separate statement to journalists on Friday, the refinery maintained that Nigeria still ranks among countries with relatively low petrol prices globally, despite recent increases driven by geopolitical tensions.
“According to GlobalPetrolPrices.com, petrol in Nigeria currently averages $0.88 per litre, significantly below the global average of $1.32 per litre,” the statement said.
The refinery compared Nigeria’s fuel prices with other countries, noting that petrol costs about $1.075 per litre in the United States, $1.095 in India, and $1.189 in South Africa, while prices are significantly higher in advanced economies such as the United Kingdom, France, and Germany.
Within West Africa, the refinery said petrol prices remain higher in neighbouring countries, including Togo, Benin, Ghana, and Cameroon.
Analysts, according to the statement, attribute Nigeria’s relatively moderate pricing to the impact of Dangote Refinery’s operations.
“This intervention has become particularly critical as many countries face supply disruptions, rationing, and sharp price spikes following the escalation of tensions in the Middle East,” the company said.
The refinery also noted that only a few countries globally sell petrol below $1 per litre without some form of state intervention, highlighting the challenges of maintaining lower prices in a deregulated market.
Despite the removal of fuel subsidy about three years ago, the company said it continues to act as a buffer against extreme price volatility.
“While domestic petrol prices have risen by about 35 to 40 per cent since the onset of the crisis, this increase remains lower than in several other markets,” the statement added, citing countries such as Cambodia and Vietnam where prices have surged more sharply.
The latest adjustment marks the fourth fuel price hike by the refinery. PMS prices had earlier risen from around N774 to N875, then N995, N1,175, and now N1,245 per litre.
