Dangote Petroleum Refinery and Petrochemicals Limited has denied reports that it increased the ex-depot price of Premium Motor Spirit, PMS, also known as petrol, insisting that its current price remains unchanged at ₦1,275 per litre.
The clarification followed market speculation that the refinery had raised its ex-depot price from ₦1,275 to ₦1,350 per litre, representing a six percent increase. The reports had linked the alleged adjustment to volatility in the global crude oil market, particularly supply disruptions connected to the prolonged U.S.-Iran conflict.
In a statement, the refinery dismissed the claims, saying there had been no adjustment to its PMS pricing template. It said maintaining the current price reflected its commitment to supporting domestic energy stability and reducing pressure on Nigerian consumers and businesses.
“Dangote Refinery reaffirms its dedication to the steady supply of high-quality petroleum products to the Nigerian market,” the company said.
The refinery added that by keeping its ex-depot price stable, it was helping to cushion the wider economy from external shocks, moderate inflationary risks and promote energy affordability. It also said the decision aligned with national objectives on price stability, supply reliability and energy security.
The denial comes at a sensitive time for Nigeria’s downstream petroleum sector, where crude oil costs, foreign exchange pressures and global supply disruptions continue to influence fuel pricing. Reuters reported in March that the Nigerian National Petroleum Company had allocated more crude cargoes to Dangote Refinery for May, following pressure from higher global prices and tighter crude availability.
Dangote Refinery, with a capacity of 650,000 barrels per day, is central to Nigeria’s plan to reduce dependence on imported refined fuel. However, the refinery has repeatedly faced challenges linked to crude supply, pricing mechanisms and currency exposure. Reuters previously reported that Dangote had at one point suspended naira-denominated fuel sales because it was selling refined products beyond the volume of crude allocated to it in naira.
For marketers and consumers, the company’s latest clarification may ease immediate fears of another pump price increase. However, analysts say retail prices will continue to depend on crude costs, exchange rates, logistics, depot margins and the pricing decisions of petroleum marketers.
For now, Dangote Refinery’s position is clear: despite market speculation, its PMS ex-depot price has not been increased.
