Dangote Petroleum Refinery has raised its ex-depot price of Premium Motor Spirit (PMS) to N1,350 per litre, marking its second upward adjustment within a week and reinforcing intensifying volatility in Nigeria’s downstream fuel market.
The latest increase, confirmed Wednesday by a senior refinery official and industry pricing platform Petroleumprice.ng, represents a N75 jump from the previous N1,275 per litre. The new gantry price has been implemented across all loading channels, prompting immediate repricing by fuel marketers nationwide.
The hike comes barely days after the refinery raised prices from N1,200 to N1,275 per litre, highlighting the pace of adjustments as the Dangote facility consolidates its role in domestic fuel supply. It is the second N75 increase within seven days.
Market analysts say the frequency of changes reflects a transitional phase in Nigeria’s deregulated petroleum market, where domestic refining is increasingly setting price direction but remains sensitive to global crude benchmarks, foreign exchange dynamics, and logistics costs.
Compounding the latest increase was a temporary suspension in the issuance of pro forma invoices (PFIs) earlier in the week, which industry players say constrained supply and triggered upward price pressure.
Despite the upward revisions, a senior management official within the Dangote Group recently indicated that the refinery has been absorbing part of the cost burden by effectively subsidising petrol and diesel supplied to the domestic market.
However, sustained cost pressures, from crude sourcing to distribution, appear to be narrowing that buffer, forcing more frequent pricing recalibrations.
Over the past month, the refinery has adjusted petrol prices multiple times, initially lowering rates amid competitive pressures and inventory build-up before reversing course as supply tightened and global oil prices firmed.
