Dangote refinery raises petrol price again to N1,350/litre

…12th adjustments in five months

The Dangote Refinery has again adjusted its Premium Motor Spirit (PMS) price by N75 to N1,350 per litre, marking the 12th time the 650,000-barrel-per-day refinery has reviewed its ex-depot price between January and May.

The N75 represents a 5.6 percent hike from the previous price of N1,275 per litre.

This pricing follows sustained pressure in the global oil market and ongoing supply-side adjustments within the domestic distribution chain, factors that continue to influence ex-depot pricing decisions.

Industry operators said the latest hike is expected to feed directly into pump prices in the coming days, especially across key consumption centres, as marketers adjust to higher landing and replacement costs, according to Petroleumprice.ng.

Read also: Dangote raises petrol price by N75 to N1,275 per litre

As of the end of March, Businessday reported that the refinery had adjusted petrol prices 9 times, owing to global oil strains driven by the US-Iran war affecting crude supply along the Strait of Hormuz.

However, on April 7, the Dangote Refinery added N75 to its petrol prices, driving local petrol prices across filling stations to N1,275, up from N1,200 as of March’s end. But the hike was reversed a few hours after it was announced, retaining prices at N1,200 per litre.

Then on April 29, the 650,000 bpd refinery announced another N75, pushing petrol prices to N1,275 due to deepening concerns over a fresh round of fuel price hikes across Nigeria.

Dangote’s Refinery, the largest single-train refinery in the world, has been widely expected to stabilise domestic fuel supply and moderate prices by reducing Nigeria’s dependence on imported refined products.

While the facility has delivered on supply diversification, its pricing has remained tethered to international benchmarks, offering limited insulation from global crude market volatility.