Dangote Refinery Increases Petrol Price to ₦955 Per Litre for Bulk Buyers Amid Global Oil Surge

 In a decisive move reflecting the volatile global oil market, Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦955 per litre for bulk purchasers. This adjustment, effective from 5:30 PM on January 17, 2025, signifies a 6.17% increase from the previous rate of ₦899.50 per litre offered during the December 2024 holiday season. 



New Pricing Structure:

  - Purchases between 2 million and 4.99 million litres are now priced at ₦955 per litre.

  - Purchases of 5 million litres or more are set at ₦950 per litre.


Reason for Adjustment:

  - The refinery attributes this price hike to the consistent surge in global crude oil prices, with Brent crude reaching $81.84 per barrel—the highest in 2025. 

Implications for the Nigerian Market:

This price escalation is anticipated to ripple through Nigeria's downstream petroleum sector, influencing private depots, major marketers, and independent marketers alike. Oil and gas expert Olatide Jeremiah predicts that Nigerians should brace for increased petrol pump prices nationwide. 


The Minister of State for Petroleum Resources, Heineken Lokpobiri, emphasized that with the downstream sector fully deregulated, the government no longer sets prices; instead, they are determined by market forces, notably the fluctuations in international crude oil prices. 

The Dangote Refinery, with a capacity of 650,000 barrels per day, commenced operations in January 2024 and began producing petrol in September 2024. This development has positioned Nigeria to reduce its reliance on imported fuel. 




However, the increased petrol production at the Dangote Refinery has prompted the Organisation of the Petroleum Exporting Countries (OPEC) to caution that this could exacerbate oversupply concerns in Europe, a region already grappling with subdued demand for petrol. 


As the global oil landscape shifts, Nigeria finds itself at a crossroads, balancing domestic fuel needs with international market dynamics. The recent price adjustment by Dangote Refinery underscores the intricate interplay between local economic policies and global oil trends, highlighting the nation's ongoing efforts to navigate these challenges. 

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