The Dangote Petroleum Refinery has again increased its ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,275 per litre, marking its fourth adjustment in March and reinforcing concerns over persistent volatility in Nigeria’s deregulated downstream sector.
The latest hike represents a N100 increase from the N1,175 per litre sold earlier in the month an 8.5 per cent rise. It also reflects a N30 jump from the N1,245 per litre price announced just hours earlier on Friday night, highlighting the rapid pace of changes in the market.
In addition to the gantry price, the refinery raised its coastal price from N1,512,648 per metric tonne to N1,646,748 per metric tonne, an increase of N134,100 or 8.9 per cent. The coastal price typically applies to bulk buyers and marine supply transactions.
In a notice sent to marketers and customers on Saturday morning, the refinery asked stakeholders to disregard its earlier pricing template, stating that it was no longer valid.
“Dear Valued Customer, kindly note that the prices contained in our previous correspondence are no longer applicable and should be disregarded.
Please find below the current DPRP PMS gantry and coastal prices,” the notice stated.
Industry analysts say the frequent adjustments are being driven by fluctuations in global crude oil prices, exchange rate pressures, and evolving supply-demand dynamics in Nigeria’s newly deregulated fuel market.
The Dangote Refinery, Africa’s largest oil refinery, plays a central role in domestic fuel supply, meaning its pricing decisions often influence market trends and pump prices across the country. With marketers relying heavily on its output, any upward review at the depot level is likely to translate into higher retail prices at filling stations nationwide.
Marketers are expected to adjust pump prices in response to the new rate, potentially pushing petrol prices above current levels in major cities. This could further increase transportation costs and the prices of goods and services, adding pressure to household incomes already strained by inflation.
The development comes amid ongoing concerns over affordability and stability in the downstream sector since the removal of fuel subsidies. While deregulation was intended to attract investment and ensure long-term supply stability, it has also exposed the market to price swings tied to international factors.
Stakeholders have continued to call for measures to stabilise the sector, including improved foreign exchange access, increased local refining capacity, and clearer regulatory guidance to reduce uncertainty in pricing.
With multiple price changes recorded within a single day, market watchers say the coming weeks will be critical in determining whether the trend stabilises or continues to fluctuate.