Petrol hits N880/litre as Dangote adjusts price

From Abdullateef Aliyu and Dotun Omisakin (Lagos), Mumini Abdulkareem (Ilorin) & Ahmad Datti (Kano)

Marketers yesterday effected a sharp adjustment in the pump price of Premium Motor Spirit (PMS), otherwise known as petrol, following an increase in the ex-gantry price announced by Dangote Petroleum Refinery, Daily Trust can report.

The pump price jumped by over N100 per litre shortly after the announcement, a development that jolted motorists and members of the public who had anticipated a sustained decline in fuel prices.

In a statement issued on Monday night, Dangote Petroleum Refinery announced an upward adjustment in the price of PMS, with MRS Oil Nigeria Plc retail outlets now selling petrol at N839 per litre nationwide.

The refinery explained that the adjustment followed the conclusion of a temporary festive price support intervention introduced to cushion the impact of the biting economy during the yuletide period, characterised by heightened household spending.

During the intervention, Dangote Refinery said it absorbed significant costs in the national interest, including a price reduction aimed at promoting affordability and market stability.

Under the new pricing arrangement, the PMS gantry price has been realigned to N799 per litre from N699. The company described the move as necessary to support long-term sustainability, affordability and stability in the downstream petroleum market.

Despite the earlier reduction, the refinery noted that many filling stations failed to reflect the lower price at the pump, thereby denying consumers the full benefits of the intervention.

The Chief Executive Officer of Dangote Petroleum Refinery, David Bird, said the facility continues to supply the domestic market with about 50 million litres of PMS daily, adding that nationwide evacuation and distribution remain seamless.

He also assured that the refinery’s operational flexibility allows it to process a wide range of crude and intermediate feedstocks, ensuring uninterrupted PMS supply even during planned maintenance activities.

As a domestic producer, Dangote Refinery reiterated its commitment to shielding Nigeria from import-related volatility and external supply disruptions, while remaining a stabilising force in the downstream petroleum sector.

Daily Trust reports that the latest price adjustment came about a month after the refinery, in December 2025, implemented a major cut in the ex-depot price of PMS from N828 to N699 per litre.

The N125 reduction pushed petrol prices below the N800 mark for the first time in months and represented a 15.58 per cent drop in the refinery’s PMS benchmark price.

The new pricing took effect on December 11, 2025, marking the 20th petrol price adjustment implemented by the refinery in 2025 as Dangote continued to fine-tune domestic supply dynamics.

The refinery said the reduction was aimed at easing transportation costs ahead of the Christmas and New Year festivities, when millions of Nigerians travel across states to reunite with their families.

The price cut came barely five days after the refinery’s Chairman, Aliko Dangote, reaffirmed his commitment to keeping fuel prices “reasonable and competitive” despite global market instability and persistent fuel smuggling across Nigeria’s borders.

Similarly, the latest upward adjustment came two days after the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) assured Nigerians that prices of petrol, diesel and Liquefied Petroleum Gas (LPG) would continue to decline nationwide.

This assurance was given by the Authority’s Chief Executive Officer, Mr Saidu Mohammed, during a visit to Rivers State where he inspected facilities operated by Aradel Holdings Plc.

However, the optimism surrounding reduced pump prices was short-lived, as retail outlets nationwide immediately adjusted prices following Dangote’s announcement.

Why Dangote increased gantry price

Although Dangote Refinery did not officially state the reason for the increase, findings indicated that the adjustment was triggered by a recent spike in international crude oil prices.

Our correspondents report that crude oil prices have been on a steady rise amid ongoing supply disruptions and escalating geopolitical tensions in the Middle East.

As of yesterday, Brent crude traded at $67.45 per barrel, an increase of $1.86, while West Texas Intermediate (WTI) stood at $62.30 per barrel, up by $1.67.

Following the adjustment, MRS filling stations revised their pump prices. Sunbeth Filling Station also raised its price to N880 per litre from N739.

Commercial drivers expressed concern over the increment, warning that it would significantly increase their cost of operations.

Across cities

In Ilorin, the Kwara State capital, the impact of the price hike began to reflect gradually, with marketers responding cautiously.

A Daily Trust survey of selected filling stations in Ilorin on Tuesday showed that most outlets were still selling PMS at the old rates, while only one station had adjusted its price as of the time of filing this report.

At Shafa Filling Station, where petrol was previously sold at N739 per litre, the price had been raised to N839 per litre, making it the only station observed to have implemented the new price regime.

Other stations visited had yet to adjust their pump prices. At Atgris Filling Station, PMS was still being sold at N739 per litre.

Similarly, a manager at one of the BOVAS filling stations told Daily Trust that the outlet was selling at N735 per litre and had no immediate plan to increase the price.

“We are selling at N735 and we intend to maintain this price tomorrow,” the manager said.

Despite the slow response by most marketers, the announcement has unsettled many motorists and residents who fear that a general upward review is imminent.

A motorist and civil servant, Mrs Ifemi Abdul, said the earlier reduction had brought modest relief before the latest development.

An electrician, Olatunji Owolabi, expressed disappointment over the increase, even though he was yet to purchase fuel.

“I was not happy when I heard that the price had been increased. By tomorrow, those still selling at the old price with old stock will move to the new price,” he said.

In Kano, motorists also expressed regret over the increase, saying it had dashed hopes of a further reduction to about N500 per litre.

A motorist, Hisham Muhammed, said he bought fuel at an AA Rano outlet along Airport Road at N820 per litre on Tuesday morning, unaware of the new adjustment.

“Had I known about the increase, I would have bought more fuel. Our marketers usually adjust prices immediately,” he said.

“After the December reduction, many of us believed prices would gradually fall to about N500 per litre, but that hope now seems like a mirage,” he added.

In Abuja, most independent marketers were still selling PMS at N815 per litre as of the time of filing this report. However, Mobil filling stations adjusted their pump price to N905 per litre, while Eterna Filling Station was selling at N840 per litre.

Marketers speak

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, urged the federal government to improve crude supply to Dangote Refinery in naira to guarantee sustained affordability.

He defended marketers’ decision to adjust pump prices, describing it as a business necessity.

“The increase is tied to crude oil prices. When crude prices go up, PMS prices will also rise. It is simple economics,” he said.

Also speaking, the Managing Director of 11 Plc, Otunba Tunji Oyebanji, called on downstream regulators to “do more to stabilise the system and ensure everything works properly.”

Nigerians can now invest ₦2.5 million on premium domains and profit about ₦17-₦25 million. All earnings paid in US Dollars. Rather than wonder, click here to find out how it works.

Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.