BREAKING: Dangote Refinery Hikes Petrol Ex-Depot Price Amid Crude Cost Surge

Dangote Refinery has hiked Petrol Ex-Depot Price amid crude cost surge.

NewsOnline Nigeria reports that the Dangote Petroleum Refinery has raised the ex-depot price of Premium Motor Spirit (PMS) to ₦850 per litre, sparking fresh concerns over a potential increase in pump prices nationwide.

The new price represents a ₦30 hike from the previous ₦820, amounting to a 3.66% increase, and follows the refinery’s resumption of operations after a one-week suspension that disrupted downstream supply chains.

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Located in the Lekki Free Trade Zone, the 650,000-barrels-per-day mega refinery had earlier halted payments and loading of petrol, directing marketers to stand down pending further notice.

Though an official statement is yet to be issued, industry sources link the price hike to rising global crude oil prices. Dangote Refinery reportedly imports nearly 50% of its crude feedstock from the U.S., making its pricing sensitive to international oil market fluctuations.

While petrol prices at private depots remain stable, Dangote diesel continues to sell at ₦990/litre, below the average ₦1,030 charged by other major depots.

Despite being projected as Nigeria’s fuel independence solution, latest data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) reveals that 71.38% of PMS supply in May and June 2025 came from imports, with Dangote Refinery supplying only 28.62%.

With loading operations now resumed, short-term supply concerns have eased. However, market operators remain on alert amid persistent volatility in the global crude oil market.