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Ex-depot price jumps by ₦55 despite falling global oil prices
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Pump prices likely to exceed ₦900 in remote parts of Nigeria
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Crude oil shortages push refinery to import from the United States
The Dangote Petroleum Refinery has raised its ex-depot price for Premium Motor Spirit (PMS)—commonly known as petrol—from ₦825 to ₦880 per litre, an increase of ₦55.
The new rate took effect on Friday and is expected to trigger pump price hikes across the country, especially in locations far from distribution centres, where prices may exceed ₦900 per litre.
This price adjustment comes even as global oil prices declined. On the same day the hike was announced, Brent crude dropped over 3 percent to $76.47 per barrel, WTI fell to $74.93, and Murban slipped to $76.97.
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However, fears of supply disruption and Nigeria’s volatile foreign exchange market continue to drive local pricing decisions.
The refinery’s reliance on imported crude oil from the United States is another key factor influencing the price change. Aliko Dangote, President of the Dangote Group, revealed that Nigeria has not been able to supply enough crude locally, forcing the refinery to increase foreign sourcing.
READ ALSO: Marketers Seek Clarity on Dangote’s Nationwide Fuel Distribution Plan
Between April and July 2025, Dangote Refinery is projected to import 17.65 million barrels, with 3.65 million barrels already delivered.
This shift comes despite the naira-for-crude policy initiated by the Federal Government to support local supply. During a briefing with the Technical Committee of the One-Stop Shop for crude and refined product sales, it was disclosed that shortages have made imports necessary to sustain operations.
