Dangote Petroleum Refinery & Petrochemicals has confirmed that the price of Premium Motor Spirit (PMS) remains unchanged, despite growing concerns about potential volatility in the downstream petroleum market.
A source from the company told Nairametrics that the refinery’s pricing structure remains intact, with the gantry price at N1,200 per litre and the coastal price at N1,153 per litre.
The decision reflects the refinery’s ongoing focus on ensuring a steady supply of refined petroleum products across Nigeria and the wider African market.
What the Dangote refinery is saying
According to a source at the Refinery who spoke to Nairametrics, the company is maintaining the current price, saying there was no changes in prices.
- “We are maintaining our existing price and have not implemented any new pricing for our customers,” the source said.
The source added that the refinery remains focused on ensuring the steady availability of refined petroleum products across Nigeria and the wider African market, reinforcing its role in supporting supply stability.
Get up to speed
In March, Nairametrics reported that Dangote Petroleum Refinery reduced its ex-depot price for PMS by N100, bringing the price down from N1,175 per litre to N1,075.
- The gantry price of petrol was cut by N100 to N1,075 per litre, representing an 8.5 percent reduction from the previous rate.
- Diesel, or Automotive Gas Oil, also saw a price adjustment to N1,430 per litre, down N190 from N1,620 per litre.
- These changes followed several days of price increases, reflecting the refinery’s responsive pricing strategy to market conditions.
The price stability highlights the refinery’s role in moderating fluctuations in the domestic fuel market.
Nairametrics reported that Dangote Petroleum Refinery and Petrochemicals witnessed a surge in inquiries from African countries seeking fuel supplies following disruptions caused by the Iran war.
Officials and stakeholders say the surge in demand reflects concerns over fuel availability rather than pricing, as countries prioritise energy security.
Governments are also taking steps to diversify supply sources to mitigate risks associated with Middle East disruptions.
What you should know
Industry analysts note that the improved domestic refining capacity, particularly from Dangote Refinery, has helped stabilize petrol prices and prevented a spike to N1,500 per litre, which could have occurred amid global supply pressures.
- Oil marketers had predicted that petrol prices might reach N1,200 per litre by Monday due to ongoing tensions in the Middle East.
- Market reactions are influenced by global crude oil prices, exchange rate pressures, and rising logistics costs.
- The Petroleum Products Retail Outlets Owners Association of Nigeria warned that petrol prices could hit N2,000 per litre amid international tensions and urged the Nigerian National Petroleum Company Limited to strengthen domestic refining capacity.
The Dangote refinery, with a capacity of 650,000 barrels per day, is emerging as a key alternative supply hub for African countries seeking to reduce reliance on the Middle East.
- About 75% of the refinery’s output is reserved for Nigeria, while the remaining capacity is available for export.
