Dangote Petroleum Refinery has raised its ex-depot petrol price to ₦850 per litre, up from the previous ₦820. The new price, tracked by Petroleumprice.ng, took effect as the refinery resumed loading operations on Thursday, exactly one week after halting Premium Motor Spirit (PMS) sales.
The week-long suspension left dealers uncertain. The usually busy 650,000-barrels-per-day facility, now expanding to 700,000 bpd, remained largely deserted. Marketers who routinely queued to load fuel stayed away, unsure of the refinery’s next move. There was no official communication during the shutdown.
Industry sources link the halt to recent volatility in global crude oil prices. Dangote imports around 50 percent of its crude from the United States. This dependency exposes its operations to rapid market shifts. The unstable pricing environment may have prompted internal recalibration before sales resumed.
“We were left hanging,” said a Lagos-based marketer. “No loading, no word from management. Then suddenly, loading starts again—this time at ₦850 per litre.”
Despite the PMS price hike, Dangote continues to sell diesel at a highly competitive rate, with bulk buyers now purchasing at ₦990 per litre, a fresh development that began today and sits well below the ₦1,030 average seen across other depots. This move has already shaped expectations of a potential industry-wide adjustment.
Private depots are still selling diesel between ₦1,010 and ₦1,050 per litre across Nigeria. However, with Dangote’s aggressive pricing, traders are closely watching to see whether others will follow suit or hold their ground.
The resumed PMS supply brings some relief to the downstream market. However, many operators remain cautious, concerned that continued volatility in global oil prices could trigger more disruptions in the weeks ahead.