Dangote Refinery Raises Petrol Prices Amid Rising Global Oil Costs
The Dangote Petrochemical Refinery has announced a price hike for Premium Motor Spirit (PMS), commonly known as petrol, citing a surge in global crude oil prices.
Effective immediately, the ex-depot price for bulk buyers (5 million litres or more) has increased from ₦899 to ₦950 per litre, representing a 6.17% or ₦55.50 per litre increase.
This adjustment follows a temporary holiday discount offered in December 2024.
The refinery attributed the price hike to the rising cost of crude oil on the global market, with Nigeria’s Bonny Light experiencing a 5.1% increase to $82 per barrel.
The price increase has already begun to impact the retail market, with some filling stations in Lagos and surrounding areas reportedly adjusting their prices accordingly.