The Dangote Petroleum Refinery has increased its ex-depot price for Premium Motor Spirit (petrol) to N880 per litre, a N55 jump from the previous rate of N825.
This price adjustment is expected to impact petrol pump prices nationwide, particularly in areas far from distribution points, where prices may exceed N900 per litre.
Despite a decline in global crude oil prices, with Brent crude falling over 3% to $76.47 per barrel, the refinery’s price hike is attributed to fears of supply disruptions and unstable foreign exchange rates.
The refinery’s growing reliance on crude oil imports from the United States, due to insufficient local supply, also contributes to the price increase.
Aliko Dangote, President of the Dangote Group, recently stated that the refinery is increasingly sourcing crude oil from the US, with plans to import 17.65 million barrels between April and July 2025.
This development has raised concerns about fuel affordability and price volatility in Nigeria’s downstream sector.
