The Dangote Petroleum Refinery has adjusted its gantry price for Premium Motor Spirit, PMS, raising it by N20 per litre. The new price now stands at N1,185 per litre, up from the previous rate of N1,165 per litre. The increment took effect from midnight today.
Officials at the refinery confirmed the review on Saturday morning in Lagos. They said the decision was in line with current market realities and the movement in international crude oil prices. The plant, located in Ibeju-Lekki, remains the largest single-train refinery in Africa and a major supplier to the domestic market.
The price adjustment comes on the back of a rise in global crude benchmarks. Brent crude, the international benchmark, climbed by 1.95 per cent to $93.48 per barrel. Similarly, the United States benchmark, West Texas Intermediate, gained two per cent to close at $86.12 per barrel. Refiners typically track these prices because crude cost accounts for a large portion of production expenses.
The development also mirrors trends in the local depot market. Findings show that PMS is currently trading at about N1,200 per litre at depots across Lagos. That rate has put pressure on independent marketers who rely on third-party supply to serve retail outlets.
Despite the increase, Dangote’s new gantry price is still N15 lower than the prevailing Lagos depot price of N1,200 per litre. Industry analysts say the differential could give the refinery a competitive edge and help moderate prices for marketers lifting directly from the plant.
For motorists, the immediate impact will depend on how quickly the new gantry price reflects at the pumps. With fuel already selling above N1,000 per litre in many parts of the country, stakeholders are watching to see if the N20 hike will translate to a fresh round of adjustments at retail stations in the coming days.
The Independent Petroleum Marketers Association of Nigeria, IPMAN, said members will review their pump prices once they begin lifting the product at the new rate. IPMAN’s National Publicity Secretary noted that logistics, transportation and profit margins will determine how much is added at the retail level. He urged government to ensure forex stability to help refiners and marketers manage costs.
Oil and gas experts also warned that continued volatility in the global crude market could trigger further price reviews. They explained that since the removal of fuel subsidy, domestic petrol prices now move closely with international benchmarks and exchange rates. According to them, sustained pressure on the naira and rising crude costs may keep prices elevated in the short term.
Consumer groups have meanwhile called for transparency in the pricing template. The National President of the Consumer Rights Watch said Nigerians deserve clarity on how refinery costs translate to pump prices. He urged regulators to monitor marketers to prevent arbitrary hikes and ensure the N15 gap between Dangote’s price and depot rates actually benefits consumers.
