Dangote Petroleum Refinery & Petrochemicals has clarified that it has not raised the price of Premium Motor Spirit (PMS), countering reports of a fresh increase in fuel costs. The company confirmed that its pricing structure remains unchanged, with the gantry price at N1,200 per litre and the coastal price at N1,153 per litre.
A source within the refinery told local media that no new pricing adjustments have been made for customers. “We are maintaining our existing price and have not implemented any new pricing for our customers,” the source said. The refinery also reaffirmed its commitment to ensuring steady availability of refined petroleum products across Nigeria and the broader African market.
Earlier reports had claimed the refinery had increased petrol prices by N75 per litre to N1,275 and diesel by N200 to N1,950, citing shifts in international crude oil benchmarks and market dynamics. Those figures would have marked a significant rise from the previous month’s rates of N1,200 for petrol and N1,750 for diesel.
The alleged price changes were said to be in response to global energy market volatility, partly driven by geopolitical tensions in the Middle East. However, the refinery’s denial comes as oil prices experienced a sharp decline Wednesday following news of a two-week ceasefire agreement between the United States and Iran. The deal, which includes the temporary reopening of the Strait of Hormuz, led to a dramatic market reaction: U.S. crude futures fell around 15% to $96.31 a barrel, while Brent futures dropped 13% to $94.71 per barrel. Nigeria’s Bonny Light crude also dipped below $95 a barrel.
The clarification from Dangote Refinery helps ease concerns over potential fuel price instability in Nigeria, where the availability and affordability of petrol remain critical to both consumers and businesses. The refinery’s role in stabilising domestic supply continues to be a focal point amid fluctuating global oil markets.
