News & Politics
Dangote Refinery Raises Petrol Price to N955 Per Litre
Dangote Petroleum Refinery has announced a price increase for Premium Motor Spirit (petrol), signaling a major development in Nigeria’s downstream petroleum market. The new pricing, effective from 5:30 pm on January 17 , 2025 , reflects a 6.17% rise compared to December’s rates. The updated pricing system introduces a tiered structure: Orders of 2–4.99 million […]
By
Shalom Tewobola
1 month ago
Dangote Petroleum Refinery has announced a price increase for Premium Motor Spirit (petrol), signaling a major development in Nigeria’s downstream petroleum market. The new pricing, effective from 5:30 pm on January 17 , 2025 , reflects a 6.17% rise compared to December’s rates.
The updated pricing system introduces a tiered structure:
Orders of 2–4.99 million litres: N955 per litre
Orders of 5 million liters and above: N950 per liter
This price adjustment comes as global crude oil prices hit their highest point in 2025. Brent crude, the benchmark for global oil prices, has climbed to $81.84 per barrel. This surge has influenced Nigeria’s deregulated petroleum market, where local petrol prices are now tied to international market trends.
Industry experts predict that this price hike will spark ripple effects across the sector. Private depots and retail outlets are expected to adjust their pricing to maintain competitive margins. Given Dangote Refinery’s significant market influence, its pricing decisions often set the tone for the broader industry.
As Nigeria continues to operate under a deregulated petroleum framework, price adjustments like these underscore the market’s growing sensitivity to global dynamics. While the increase may be necessary to maintain operational viability amid rising crude costs, it also raises concerns about affordability for consumers.
This development highlights the complex balance between responding to global oil market shifts and maintaining stability in Nigeria’s dynamic petroleum sector. With Dangote Refinery at the center of the market, its pricing decisions will likely shape the downstream sector’s trajectory in the months ahead.