Dangote Refinery Denies Petrol Price Increase, Maintains ₦1,275/Litre Ex-Depot Rate
Dangote Petroleum Refinery and Petrochemicals Limited has dismissed reports of an increase in the ex-depot price of Premium Motor Spirit (PMS), reaffirming that its official rate remains unchanged at ₦1,275 per litre.
The clarification comes in response to industry claims suggesting a price adjustment to ₦1,350 per litre. The refinery described such reports as inaccurate and urged market participants and the public to rely only on its ოფიციally verified communications for pricing updates.
In a statement, the company emphasized that maintaining the current pricing structure reflects its broader commitment to stabilizing Nigeria’s domestic energy market. By absorbing cost pressures linked to global oil volatility and supply chain disruptions, the refinery said it is helping to cushion the economy, limit inflationary spillovers, and sustain fuel affordability.
“Maintaining price stability at this time underscores our role in supporting energy security and ensuring consistent supply across the country,” the company stated.
The rebuttal follows a report by Petroleumprice.ng, which cited unnamed market sources claiming a revised pricing template had been implemented, alongside the suspension of proforma invoices—a development interpreted by some marketers as a precursor to higher prices. According to those claims, downstream operators had begun adjusting depot and retail strategies in anticipation of increased landing and replacement costs.
However, Dangote Refinery rejected the assertions, reiterating that no such changes have been made to its pricing framework.
The development comes amid renewed volatility in global oil markets. Crude prices have recently declined, with benchmarks such as West Texas Intermediate (WTI) falling below $100 per barrel, driven by easing geopolitical tensions and optimism over improved supply flows, including potential developments around the Strait of Hormuz.
Market analysts note that while global price movements typically influence domestic fuel pricing in deregulated environments, large-scale refiners like Dangote can play a stabilizing role by buffering short-term shocks.
For investors and energy market watchers, the refinery’s stance signals a deliberate effort to maintain pricing consistency in the near term, even as external cost dynamics remain fluid.
Dangote Refinery reiterated its commitment to delivering high-quality petroleum products and supporting Nigeria’s long-term energy security objectives, while cautioning against speculation that could distort market expectations.
