Dangote Petroleum Refinery has announced an increase in the price of Premium Motor Spirit (PMS), popularly known as petrol, affecting both wholesale and retail markets across Nigeria. The gantry price, which is the cost at which petrol leaves the refinery, has been raised from ₦699 to ₦799 per litre, while retail stations are now selling fuel for approximately ₦839 per litre.

The price adjustment follows the conclusion of a temporary festive season support initiative, during which the refinery absorbed some costs to ease the financial burden on consumers. This support period helped Nigerians access fuel at lower prices during holidays and festive celebrations. Now, with the temporary period over, the refinery has realigned prices to what it describes as sustainable and market-driven levels.

MRS Oil Nigeria, one of the major retail chains, has confirmed that their stations have adjusted prices to reflect the new gantry rate. The increase marks a ₦100 per litre rise for both wholesale and retail sales, signalling a significant adjustment for motorists nationwide.

According to the refinery, the new pricing is necessary to maintain long-term stability in the market, cover operational costs, and support continued investment in local refining and distribution infrastructure. Officials emphasized that the price revision is not unexpected, as wholesale prices had been temporarily reduced for the festive season and the adjustment now restores normal market conditions.

This change has generated discussions among Nigerians, many of whom are already facing rising living costs. While some motorists expressed frustration over the sudden jump, others acknowledged the need for sustainable pricing to ensure uninterrupted fuel supply and ongoing development of the refinery sector.

Experts note that the Dangote Refinery, as one of Africa’s largest privately-owned refineries, plays a crucial role in stabilizing fuel supply and pricing in Nigeria. The recent adjustment is part of the refinery’s efforts to balance affordability for consumers with operational sustainability, ensuring that local refining continues to reduce Nigeria’s dependence on imported fuel.

In summary, the new petrol prices mean that drivers and households should now budget for ₦839 per litre at the pump, while the wholesale price stands at ₦799 per litre. The refinery has assured consumers that this adjustment is aimed at long-term market stability and will help maintain continuous fuel supply nationwide.

Industry watchers believe that regular price reviews by Dangote Refinery will remain key to balancing market stability and consumer affordability in the coming months while Nigerians adapt to the new rates.