Dangote Raises Petrol Price by ₦85 to ₦1,350 Per Litre

Dangote Petroleum Refinery has raised the gantry price of its Premium Motor Spirit (PMS), commonly known as petrol, by ₦85 per litre, increasing the price from ₦1,265 to ₦1,350, which represents a 6.7% increase. This adjustment comes amid a significant rise in international crude oil prices and higher costs associated with replacing petroleum products, with the current PMS landing cost at ₦1,311 per litre.

The new price surpasses the existing landing-cost benchmark. This increase reverses the refinery's previous decision to maintain its PMS price in Lagos, as the pressures from rising crude prices and replacement costs have intensified within the downstream market.

Additionally, depot marketers across Nigeria have been selling petrol at elevated prices in anticipation of this increase, prompting them to reassess their selling strategies due to the rising costs of replenishing existing stocks. The ₦1,350 per litre gantry price now serves as the latest wholesale reference point for Dangote Refinery.