Petrol price rises as Dangote Refinery raises ex-depot cost

The retail prices of Premium Motor Spirit (PMS), otherwise known as petrol, rose by 100 basis points across most stations in Lagos and Edo States after Dangote Petroleum Refinery and Petrochemicals announced an increase in its ex gantry price.

The refinery raised petrol ex gantry price from N699 per litre to N799 per litre. Retail outlets subsequently increased their prices by same margin, with retail prices ranging between N839 per litre and N900.

Fuel marketers in Edo State increased pump price of fuel to N900 per litre. Before the Dangote Refinery’s increment, fuel stations in Edo sold fuel at between N739 per litre to N795 per litre.

A visit to some fuel stations in Benin City and environs showed price adjustment to between N850 per litre to N900 per litre.

Dangote Refinery explained that the facility implemented a deliberate and temporary price support intervention during the festive period  to cushion the effect of heightened household spending during the yuletide on Nigerians..

“This marked the second consecutive festive season in which the Refinery absorbed significant costs in the national interest, including logistics support in 2024 and a price reduction in 2025 to promote affordability and market calm.

“Despite the price reduction, many filling stations failed to reflect the new price at the pump, thereby denying Nigerians the benefits of the reduction,” Dangote stated.

It added that with the festive period over, PMS prices, it said, have been modestly realigned to sustainable levels to support long term market stability and affordability.

Dangote also reaffirmed its commitment to market stability and uninterrupted nationwide supply of petrol.

Chief Executive Officer, Dangote Petroleum Refinery, David Bird, stated that the refinery continues to supply the domestic market with approximately 50 million litres of PMS daily, with nationwide evacuation and distribution operating normally.

He noted that the Refinery’s design flexibility allows it to process a wide range of crude and intermediate feedstocks, enabling continued PMS supply during planned maintenance activities. According to him, this capability ensures that domestic supply remains stable and uninterrupted.

He noted that the Refinery’s design flexibility allows it to process a wide range of crude and intermediate feedstocks, enabling continued PMS supply during planned maintenance activities. He added that this capability ensures that domestic supply remains stable and uninterrupted.

 “As a domestic producer, Dangote Petroleum Refinery continues to shield the Nigerian market from import related volatility and external supply disruptions, while remaining a stabilising force in the downstream petroleum sector. Dangote Petroleum Refinery remains focused on delivering energy security, price stability, and long-term value for Nigerians,” the statement said.

Advertisement