Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Dangote Petroleum Refinery has decided to increase its ex-depot petrol prices from its facility to N880 per litre.

The new price is a N55 increase when compared to the previous price of N828 quoted by the refinery.

According to petroleumprice.ng, a platform that tracks daily product prices, as well as a pro forma invoice, the increase was confirmed.

As the sole domestic PMS supplier with such scale, Dangote sets the tone for the downstream market.

The latest price increment is expected to push pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

Checks by Legit.ng on Thursday evening showed that MRS and Ardova fuel stations were still selling at N865 per litre, but this is not expected to last long.

Meanwhile, NNPC retail stations were selling at N870 per litre.

As the sole domestic PMS supplier operating at such scale, Dangote effectively sets the tone for the downstream market.

However, the refinery’s reliance on imported US crude and rising operational costs, coupled with exchange rate instability, have forced the company to raise prices after months of maintaining steady rates.

The increase in prices comes despite a decline in global crude prices. Brent crude dropped by 3.02% to $76.47, WTI fell to $74.93, and Murban declined to $76.97 on Friday

The refinery now relies more on imported US crude oil and is spending more to operate, while naira exchange rates are making prices go up.

Punch reports that Dangote Group President Aliko Dangote stated recently that his 650,000-barrel capacity refinery is increasingly sourcing crude oil from the United States.

The refinery plans to import a total of 17.65 million barrels of crude oil from April to July 2025, with an initial delivery of approximately 3.65 million barrels over the past two months.

These imports are in addition to ongoing allocations under the Federal Government's naira-for-crude policy.

Earlier, Legit.ng reported that Festus Osifo, President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), accused oil marketers of exploiting Nigerians by maintaining inflated petrol prices.

He argued that the current pump price of Petrol should range between N700 and N750 per litre.

Osifo criticised the disconnect between declining global crude oil prices and the stagnant retail price of petrol in the country. He maintained that if Nigerians are made to endure high fuel costs when oil prices rise, they should equally benefit from lower prices when crude prices fall.

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Source: Legit.ng