By Oke Peter
Nigeria’s fuel market witnessed another price shift on Friday as the Dangote Petroleum Refinery increased its ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, to ₦1,175 per litre. The adjustment, which took effect today, signals a new pricing direction from Africa’s largest refinery and is expected to influence pump prices across several states.
Industry stakeholders say the new price follows mounting pressure from rising crude oil costs in the international market and operational expenses within the refining sector.
Depot owners and independent marketers are already reviewing their pricing structures as they prepare for possible adjustments at filling stations.
The development has also created uncertainty within Nigeria’s downstream petroleum market. Some fuel depots across Lagos metropolis reportedly slowed or paused sales briefly while awaiting updated supply instructions, a move that could affect short-term fuel distribution in key commercial hubs.
Economic analysts warn that any further increase at the retail level may place additional strain on households and businesses already dealing with rising transportation and logistics costs.
Commercial transport operators, in particular, are closely monitoring the situation as fuel remains a major driver of operating expenses.
A petroleum major marketer who preferred anonymity noted that while domestic refining by the Dangote Petroleum Refinery is expected to stabilize supply in the long term, global oil price fluctuations and exchange-rate pressures continue to play a decisive role in determining petrol prices in Nigeria.
