The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price to N995 per litre, marking the second adjustment in just four days and a sharp rise of N221 from the earlier N774 per litre level. This latest hike, confirmed by a senior refinery official on condition of anonymity, follows an initial increase to N874 per litre earlier in the week, driven by persistent volatility in international crude oil markets and escalating shipping and replacement costs.
The rapid escalation comes against the backdrop of geopolitical tensions in the Middle East, including US-Iran related developments that have propelled global benchmark prices higher, with crude landing costs at the refinery reportedly reaching between $88 and $91 per barrel after freight charges. The refinery has emphasized its role in attempting to stabilize the domestic market by absorbing portions of cost increases where possible, but noted that as a private entity sourcing crude at prevailing international rates, adjustments are necessary for operational sustainability.
Industry data from the Major Energies Marketers Association of Nigeria (MEMAN) previously showed Dangote’s gantry at N874 per litre as of early March, compared to imported petrol landing costs around N809 per litre, highlighting the refinery’s competitive yet fluctuating positioning. Following the new N995 rate, depot owners purchasing from Dangote have aligned their prices accordingly, pushing retail pump prices nationwide toward N1050 per litre and above in some locations, with reports of stations already selling at N1100 or more depending on logistics and regional factors.
Stakeholders, including oil marketers and consumers, have expressed concerns over the cumulative impact on transportation, goods pricing, and household budgets in an already pressured economy. The refinery has reiterated its commitment to prioritizing domestic supply and insulating Nigeria from severe international shocks, while assuring continued availability of petrol. This development underscores the challenges of achieving full energy self-sufficiency amid external market forces, even as Dangote’s 650,000 barrels per day facility ramps up contributions to national fuel needs.
