The price of Premium Motor Spirit (PMS), commonly called petrol, has risen sharply to between N1,050 and N1,150 per litre across Nigeria, following price adjustments by Dangote Petroleum Refinery and private depot owners.
This substantial hike occurred after Dangote Refinery increased its PMS price from N899 to N955 per litre at its loading gantry.
Currently, marketers purchasing between two and five million litres pay N955 per litre, while bulk buyers acquiring over five million litres receive a slightly reduced rate of N950 per litre.
This development has significantly impacted the downstream petroleum sector. Private depots, even those holding existing stocks, have raised their prices to as high as N1,000 per litre in regions like Lagos and Calabar.
Global and Domestic Drivers
Industry experts and marketers attribute the price surge to increasing global crude oil prices, with Brent crude reaching $81.84 per barrel—its highest point in 2025. Festus Osifo, National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), recently cautioned that rising crude oil costs would inevitably lead to higher fuel prices.
According to reports by Punch, oil marketers under the Independent Petroleum Marketers Association of Nigeria (IPMAN) predict that pump prices in the Federal Capital Territory and more distant areas could climb to N1,150 per litre due to added logistics costs.
Billy Gillis-Harry, National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), noted that retail prices will also include charges from regulatory bodies, further pushing prices beyond N1,000 per litre.
As deregulation continues to shape the petroleum sector, consumers are left grappling with higher costs driven by volatile crude oil prices and increased competition within the industry.