Dangote Petroleum Refinery and Petrochemicals Limited has confirmed that the price of Premium Motor Spirit (PMS) has not been altered, refuting recent reports of a further increase in fuel prices.
The clarification was issued on Wednesday via the company’s official X (formerly Twitter) account. The statement came after media outlets circulated claims that the $20 billion, 650,000‑barrel‑per‑day refinery had lifted its ex‑depot price by N75, taking the cost to N1,350 per litre.
In its post, Dangote Refinery stated unequivocally: “The price of Premium Motor Spirit remains the same; the ex‑depot price is unchanged.” No numerical adjustment to the retail price was announced, and the firm did not provide a revised pricing schedule.
The rumor of a price hike emerged amid broader volatility in Nigeria’s fuel market. According to Media Talk Africa, retail petrol prices have been fluctuating in response to rising global crude oil prices, which were quoted at $95 per barrel and N101 per barrel on Wednesday. Over the past two months, the average retail price of petrol has risen sharply, moving from approximately N900 per litre in early February 2026 to a range of N1,365–N1,375 per litre. The steep increase reflects both international crude price pressures and local market dynamics, including taxation, distribution costs, and currency movements.
The Dangote refinery, commissioned in 2023 and hailed as one of the continent’s largest integrated oil‑processing complexes, plays a pivotal role in Nigeria’s effort to reduce dependence on imported refined products. Its capacity to produce 650,000 barrels per day is expected to strengthen domestic supply chains and contribute to stabilising fuel prices over the longer term. However, short‑term price movements remain sensitive to global oil market trends and exchange‑rate fluctuations.
By denying the alleged N75 increase, Dangote Refinery seeks to assure consumers and stakeholders that its pricing policy remains steady despite external pressures. The company’s prompt response also underscores the importance of accurate information dissemination in a market where rumors can exacerbate public concern.
Consumers and industry observers will continue to monitor both global crude benchmarks and local distribution costs for indications of future price adjustments. As the Nigerian government works to address fuel affordability, the stance of major domestic refiners such as Dangote will be a key factor in shaping the country’s energy landscape.
