The Dangote Petroleum Refinery has raised its ex-depot price for Premium Motor Spirit (PMS) to ₦880 per litre on Friday, June 21, 2025, according to a Pro Forma Invoice (PFI) seen by a reporter. This marks a ₦55 increase from the previous rate of ₦825, prompting renewed concern among downstream players about price volatility.
The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97. However, analysts warn that lingering tensions between Israel and Iran, and risks to oil flows through the Middle East, continue to elevate refined fuel prices globally. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.
Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead. Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.
As the sole domestic PMS supplier with such scale, Dangote sets the tone for the downstream market. The refinery’s rising reliance on imported U.S. crude and operational costs, amid exchange rate instability, adds to its pricing pressure. Traders now expect the pump price of petrol to edge up across the country.
Despite this, the refinery maintains it aims to stabilize Nigeria’s fuel supply and reduce import dependency. The ex-depot adjustment, though steep, reflects broader global dynamics and the cost of maintaining consistent output in a volatile market.
