The Dangote Petroleum Refinery has increased its ex-depot price for Premium Motor Spirit (PMS), commonly known as petrol, from N825 to N880 per litre, a move expected to push pump prices nationwide above the N900 mark especially in regions far from major distribution hubs.
The new price took effect on Friday, representing a N55 hike even as global crude oil prices experienced a notable drop. On the same day, Brent crude fell by over 3% to $76.47 per barrel, while WTI and Murban dropped to $74.93 and $76.97 respectively.
The price adjustment comes amid ongoing concerns over foreign exchange volatility, crude oil supply constraints, and the refinery’s growing reliance on U.S. crude imports, rather than Nigerian sources.
Despite the Federal Government’s naira-for-crude policy, aimed at encouraging local sourcing, Dangote Refinery has struggled to secure adequate crude from domestic suppliers. As a result, the refinery has turned to the international market particularly the United States for feedstock.
According to recent disclosures during a briefing with the Technical Committee of the One-Stop Shop for crude and refined product sales, the Dangote Refinery is expected to import approximately 17.65 million barrels of crude oil between April and July 2025. Already, an estimated 3.65 million barrels have arrived at the facility.
