Dangote Refinery has increased its ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,350 per litre, up from ₦1,275, marking a fresh upward adjustment in Nigeria’s downstream fuel market.
According to a report by Petroleumprice.ng, which cited market sources, the new pricing template has been confirmed, with Proforma Invoice reportedly suspended on Tuesday. This signals the implementation of the revised price across loading channels, as marketers begin recalibrating their depot and retail strategies in response.
Industry operators say the latest hike is expected to reflect in pump prices in the coming days, particularly in major consumption centres, as marketers adjust to rising landing and replacement costs.
The ₦75 increase comes amid sustained volatility in the global oil market and ongoing supply-side adjustments within Nigeria’s domestic distribution chain—factors that continue to influence ex-depot pricing decisions.
Despite recent declines in global oil prices—driven by renewed optimism over a possible resolution to tensions involving Iran and the potential reopening of the Strait of Hormuz—the local pricing dynamics appear to be moving in the opposite direction.
This latest adjustment comes barely a week after the refinery raised its ex-depot price from ₦1,200 to ₦1,275 per litre, underscoring the rapid pace of changes in the downstream market and the refinery’s growing influence on domestic fuel pricing. Notably, this marks the second ₦75 increase within a seven-day period.
