Dangote and Others Raise Petrol Depot Prices to ₦823 per Litre

Lagos, Nigeria — Dangote Petroleum Refinery, along with Aiteo and AA Rano, has increased the depot price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦821 to ₦823 per litre, in response to the rise in crude oil prices to $67 per barrel from $65 per barrel in the international market.

The trio had previously sold petrol at ₦821 per litre. However, market checks by Vanguard reveal that domestic prices at the pump remain unchanged for now but could be adjusted soon if the trend continues.

In an interview with Vanguard, Olajide Jeremiah, CEO of Petroleumprice.ng, explained that frequent fluctuations in depot prices are due to changing crude oil rates and competitive dynamics among downstream players in Nigeria.

Jeremiah predicted more price changes in the coming weeks aligned with global oil market movements, with potential effects on consumer pump prices.

Meanwhile, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association (PETROAN), emphasized the fluid nature of the domestic market shaped by global developments.

He called for increased and steady supply of petroleum products and advocated for the privatization of government-owned refineries involving grassroots stakeholders such as PETROAN and the Major Energy Marketers Association (MEMAN).

Additionally, Dangote Petroleum Refinery has finalized plans to boost its production capacity by 7.7% to 700,000 barrels per day, up from 650,000 barrels per day.

This ramp-up has already influenced petroleum product supply flows, particularly reducing Nigeria’s dependence on European and other imports, while also impacting Africa’s broader market.

Previously reliant on foreign refineries for domestic needs, Nigeria now uses the Dangote refinery to meet local demand and export gasoline globally.

OPEC acknowledges that Dangote’s increased production and exports are exerting downward pressure on the European gasoline market, requiring new market destinations and adjustments in global gasoline distribution.

By Taiwo  Olatinwo | August 25, 2025