Dangote Refinery shocks Nigeria with sudden N100 Petrol Price hike

By Kazeem Ugbodaga

The Dangote Petroleum Refinery & Petrochemicals has increased its ex-gantry price of Premium Motor Spirit (PMS), commonly known as petrol, from N699 to N799 per litre, effective immediately following the conclusion of the festive period.

In a statement released on Monday, the refinery explained that the adjustment ends a temporary price support measure implemented during the Christmas and New Year celebrations to ease household spending.

“With the festive period concluded, PMS prices have been modestly realigned to sustainable levels to support long-term market stability and affordability,” the statement read.

Under the new structure, petrol supplied to MRS filling stations-key retail partners of the refinery, will now retail at N839 per litre, up from the N739 per litre maintained in recent weeks.

The N100 per litre increase at the gantry level translates to a roughly N100 rise at the pump for consumers purchasing from MRS outlets.

The move comes as the $20 billion Dangote Refinery continues to ramp up domestic production, aiming to reduce Nigeria’s reliance on imported petrol amid ongoing challenges in the downstream sector. Industry observers note that the price realignment reflects underlying costs such as crude oil procurement, operational expenses, and efforts to maintain viable margins in a liberalised market environment.

While the refinery reaffirmed its commitment to uninterrupted supply and market stability, some reports suggest a temporary suspension of certain sales deals as part of the transition to the new pricing framework.

Authorities and market players have not indicated any immediate government intervention, as petrol pricing has been deregulated since 2023.