Nigerians are bracing for another round of economic strain after Dangote Petroleum Refinery increased its ex-depot price of Premium Motor Spirit (PMS) to ₦1,350 per litre, a move expected to push up fuel costs across the country.
The latest adjustment, confirmed on Wednesday by industry sources and data from pricing platform Petroleumprice.ng, represents a ₦75 jump from the previous ₦1,275 per litre. It adds fresh pressure on consumers already dealing with high inflation, expensive transportation, and rising costs of basic goods.
A senior industry source familiar with the development said the revised price template had already been activated across all loading points, forcing marketers to immediately update their depot pricing structures.
According to the source, “The new pricing has taken effect across the board. Loading operations have been updated, and marketers are already factoring the changes into their depot rates.”
The increase comes only days after the refinery moved prices from ₦1,200 to ₦1,275 per litre, marking the second ₦75 increment within a week. The rapid succession of adjustments highlights ongoing volatility in Nigeria’s downstream petroleum market.
Officials linked the latest upward review to a combination of supply disruptions and broader cost pressures. A temporary suspension in the issuance of pro forma invoices (PFIs) earlier in the week reportedly tightened supply flows, contributing to short-term scarcity pressures in the system.
“The suspension created a brief supply constraint,” an industry official explained. “When you add crude price movements and logistics costs, the market had no option but to adjust. The increase reflects those realities.”
A senior official within the Dangote Group had previously indicated that the refinery has, at times, absorbed part of production costs to moderate domestic fuel prices. However, persistent fluctuations in crude oil prices and foreign exchange dynamics have continued to influence pricing decisions.
Over the past month, the refinery has made several adjustments to its petrol pricing, reflecting shifts in global oil markets, domestic supply conditions, and distribution costs. While earlier price moderation was supported by inventory gains and competitive pressures, recent supply tightening has reversed that trend.
Industry analysts say the development underscores the refinery’s growing role in Nigeria’s fuel pricing structure as the country transitions from full import dependence to local refining. However, they caution that the market remains highly vulnerable to global oil movements and domestic logistical challenges.
The latest increase is expected to ripple through the downstream sector, with fuel marketers likely to adjust pump prices nationwide. This could lead to higher transport fares and increased costs for goods and services.
For many households already struggling with inflation, the new adjustment is likely to deepen financial pressure and further strain living standards in the weeks ahead.
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