Dangote Petroleum Refinery has announced an increase in the ex-depot price of Premium Motor Spirit (PMS) from ₦899.50 to ₦950 per litre, attributing this 5% adjustment to a significant 15% rise in global crude oil prices, with Brent Crude climbing from $70 to $82 per barrel in recent days.
Despite the ex-depot price hike, Dangote’s partners—including Ardova, Heyden, and MRS Holdings—will maintain a uniform retail price of ₦970 per litre nationwide. The refinery has absorbed increased logistics costs to ensure consistent pricing across all 36 states and the Federal Capital Territory (FCT).
The refinery emphasized that fluctuations in international crude oil prices directly impact PMS production costs. By limiting the ex-depot price increase to 5%, Dangote Refinery has absorbed approximately 50% of the cost increases from the international oil market. Without this intervention, the retail price of PMS could have escalated to between ₦1,150 and ₦1,200 per litre in some areas.
To promote transparency and prevent consumer exploitation, Dangote Refinery will begin publishing its ex-depot, ex-vessel, and pump prices weekly. The company also expressed gratitude to President Bola Tinubu for the Naira-for-Crude Initiative, which has facilitated consistent access to high-quality PMS for Nigerians while shielding consumers from global oil market volatility.
