Dangote Refinery Denies Fresh Petrol Price Increase

Dangote Petroleum Refinery & Petrochemicals has stated that the price of Premium Motor Spirit (PMS) remains unchanged, amid concerns over potential volatility in the downstream market.

A source at the company confirmed that its pricing structure remains intact, with the gantry price at N1,200 per litre and the coastal price at N1,153 per litre.

“We are maintaining our existing price and have not implemented any new pricing for our customers,” the source said.

The source added that the refinery remains focused on ensuring the steady availability of refined petroleum products across Nigeria and the wider African market, reinforcing its role in supporting supply stability.

Reports broke out Tuesday, that the Refinery had increased the gantry price of petrol and diesel.

The reports, quoting a top official at the refinery, said the facility adjusted its pricing in response to prevailing international crude oil benchmarks and market realities.

According to the report, the new pricing template will see petrol rising by N75 per litre to N1,275, representing an increase of about 5.02 per cent, while diesel will jump by N200 per litre to N1,950.

The increase would have marked a sharp increase from last month’s prices of N1,200 per litre for petrol and N1,750 for diesel, if the reports were true.

The development comes amid rising geopolitical tensions in the Middle East and their ripple effects on global energy markets.

Oil prices plunged Wednesday while stocks soared after the United States and Iran agreed to a two-week ceasefire that will see Tehran temporarily reopen the vital Strait of Hormuz.

Market reaction was swift and dramatic, with U.S. crude futures down around 15% to $96.31 a barrel, while Brent ​futures also slid 13% to $94.71 per barrel.

The Nigerian crude oil, Bonny Light, also dropped below $95 a barrel on Wednesday.