Dangote Refinery Refutes Rumours of Premium Motor Spirit Price Increase
LAGOS, May 10 – The Dangote Petroleum Refinery and Petrochemicals Limited issued a statement on its X (formerly Twitter) account on Wednesday denying reports that it had raised the retail price of Premium Motor Spirit (PMS).
The statement clarified that the refinery’s ex‑depot price for PMS remains unchanged, countering media claims that the $20 billion, 650,000‑barrel‑per‑day plant had increased the price by N75 to N1,350 per litre.
The clarification follows a series of articles suggesting that Nigeria’s fuel market has been affected by recent spikes in global crude oil prices, which were quoted at $95 per barrel and N101 per barrel on Wednesday. According to the Media Talk Africa, retail diesel and gasoline prices have risen sharply in the past two months, moving from roughly N900 per litre in early February 2026 to between N1,365 and N1,375 per litre at present.
Dangote Refinery’s response came amid heightened public concern over fuel affordability. The company emphasized that any fluctuations in the market are driven by international crude price movements rather than domestic price adjustments by the refinery.
The refinery, which began commercial operations in 2023, is the largest single‑investment project in Africa and supplies a significant share of Nigeria’s gasoline, diesel and jet fuel. Its output is integral to the country’s efforts to reduce dependence on imported refined products.
Industry analysts note that while the ex‑depot price set by the refinery has remained stable, retail prices are also influenced by distribution costs, taxes and dealer margins. The distinction is important for consumers tracking the cost of fuel at the pump.
The refinery’s denial underscores the need for accurate information in a market where price volatility can quickly fuel speculation. As global oil prices continue to shift, stakeholders will be watching both international benchmarks and domestic pricing policies to gauge future trends in Nigeria’s fuel market.
