Petrol prices have increased across several filling stations in Nigeria following a fresh upward adjustment in the ex-depot price of Premium Motor Spirit (PMS) by the Dangote Petroleum Refinery.
The development has triggered immediate price reviews by fuel marketers and depot operators, leading to higher pump prices in multiple parts of the country.
What triggered the increase
According to a statement attributed to the Dangote Petroleum Refinery, the price adjustment was part of a broader market realignment aimed at maintaining stability in the downstream sector.
The company explained that the recent changes reflect a return to “sustainable pricing levels” after earlier temporary reductions introduced during the festive period.
Key price change
Industry reports indicate that the refinery adjusted its gantry price from about ₦699 per litre to ₦799 per litre, a shift that immediately influenced distribution costs across the supply chain.
Following this adjustment, depot operators and fuel marketers reportedly revised their own pricing, which led to new pump prices at filling stations nationwide.
Market reaction
Fuel stations quickly responded to the new cost structure, with prices rising in different locations depending on logistics and transportation costs.
The adjustment has also begun to reflect in transportation fares and general cost of goods, as Nigeria’s deregulated fuel market continues to adjust to refinery-driven pricing.
Why it matters
In a deregulated environment, changes at the refinery or depot level often translate directly into retail price shifts. This makes the downstream market highly sensitive to any upward or downward movement in ex-depot rates.
Analysts note that while local refining is expected to stabilize supply in the long term, short-term price fluctuations are still likely as the market continues to adjust.
