The Dangote Petroleum Refinery has resumed full operations and increased the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, by seven percent — from ₦820 to ₦877 per litre.
According to reviewed market data, oil marketers purchasing two million litres or more will benefit from the lower bulk price. The refinery’s new rate remains below the ₦890–₦900 per litre charged by many private depot owners across the country.
Data from Petroleumprice.ng showed that depots such as Pinnacle and Rainoil sold petrol at ₦890 and ₦885 per litre, respectively, while Optima and Matrix offered prices between ₦880 and ₦890 per litre.
Commenting on the development, Olatide Jeremiah, CEO of Petroleumprice.ng, noted that the downstream sector is witnessing an ongoing price war driven by Dangote’s production scale and capacity.
“With its huge size and capacity, the 650,000 barrels-per-day refinery continues to set the pace. Depot owners and others have to follow. We expect depot prices to drop in the coming weeks, and hopefully, the reduction will reach filling stations nationwide,” Jeremiah said.Field checks revealed that many filling stations were still selling petrol above ₦900 per litre, despite the refinery’s pricing move.
The President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), Mazi Obasi, commended the Dangote Refinery’s management for successfully resuming operations amid what he described as “economic and operational challenges posed by saboteurs within the oil and gas value chain.”
He added that the refinery’s success represents a major milestone in Nigeria’s drive for energy self-sufficiency and economic stability, emphasizing OGSPAN’s commitment to collaborating with Dangote Refinery on public enlightenment and advocacy regarding the benefits of local refining, job creation, and foreign exchange stability.