Dangote Petroleum Refinery has announced an increase in the gantry price of Premium Motor Spirit (PMS), also known as petrol, to ₦799 from ₦699, reflecting a ₦100 increase.
Also, the refinery’s distribution partners, such as MRS retail outlets, are now selling at ₦839 per litre, a ₦100 increase from ₦739 previously.
This was announced in a statement released by the refinery management on Monday, January 26.
“Under the current alignment, the PMS gantry price is ₦799 per litre, while MRS retail outlets are selling at ₦839 per litre”, part of the statement reads.
The refinery had announced during the Yuletide season what was considered a discounted rate. At a press briefing in Lagos in December, President of the Dangote Group, Alhaji Aliko Dangote, said the gantry price had been reduced from ₦828 to ₦699 per litre.
The statement released on Monday explained that the previous lower prices were a “temporary price-support intervention” intended to cushion the financial burden on Nigerians during the festive season that usually comes with high-spending.
However, despite the price cut, many filling stations failed to reflect the new price at the pump, denying Nigerians the benefit of the reduction.
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The Refinery, however, reaffirmed its commitment to market stability and uninterrupted nationwide product supply.
The refinery CEO, David Bird, clarified that prices have been realigned to “sustainable levels” to ensure long-term market stability.
Despite the price hike, Bird assured that the refinery continues to pump approximately 50 million litres of petrol daily into the domestic market.
He stated that the Refinery’s design flexibility allows it to process a wide range of crude and intermediate feedstocks, ensuring a continuous PMS supply during planned maintenance period.
According to him, this capability assures that home supply is stable and uninterrupted.
The refinery says it remains focused on delivering energy security, price stability, and long-term value for Nigerians.
Market Impact
Industry analysts have observed that the price adjustment by Dangote Refinery is expected to influence other marketers in the downstream sector, such as NNPC retail outlets and independent marketers.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in mass communication.
