The Dangote Petroleum Refinery has increased its ex-depot price for Premium Motor Spirit also known as petrol to N880 per litre.
This new rate, which took effect on Friday, marks a N55 increase from the earlier price of N825.
The development is expected to affect petrol pump prices nationwide, especially in areas far from distribution points, where prices may rise above N900 per litre.
Despite a drop in international crude oil prices, the refinery adjusted its price upward.
On the same day, Brent crude fell by over 3% to $76.47 per barrel, WTI dropped to $74.93, and Murban to $76.97.
However, fears of supply disruptions and unstable foreign exchange rates have continued to influence local pricing.
The refinery’s growing dependence on crude oil imports from the United States also contributes to the price hike.
Aliko Dangote, president of the Dangote Group, recently said the refinery has been sourcing more of its supply from the U.S., as Nigeria’s own crude supply remains insufficient.
Between April and July 2025, the facility is expected to bring in about 17.65 million barrels of crude from abroad. Around 3.65 million barrels have already arrived.
The naira-for-crude policy by the Federal Government was expected to support local sourcing, but shortages have pushed the refinery to look elsewhere.
This was made known during a briefing with the Technical Committee of the One-Stop Shop responsible for crude and refined product sales.
