The Dangote Petroleum Refinery has announced an increase in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, from N699 to N799 per litre.
The new pricing structure, which took effect Monday, means that MRS Oil Nigeria Plc retail outlets will now sell petrol at N839 per litre. The refinery attributed the increase to a “modest realignment” following the conclusion of festive period price supports.
In a statement released Monday evening, the refinery’s management explained the rationale behind the hike. “With the festive period concluded, PMS prices have been modestly realigned to sustainable levels to support long-term market stability and affordability,” the statement read.
The refinery highlighted that it had implemented a “deliberate and temporary price support intervention” during the recent holidays to cushion Nigerians during a period of heightened household spending. This marked the second consecutive year the refinery absorbed high costs for what it termed the “national interest.”
However, the statement noted a critical issue: “Despite the price reduction, many filling stations failed to reflect the new price at the pump, thereby denying Nigerians the benefits of the reduction.”
Commitment to Supply and Stability
The Chief Executive Officer of Dangote Petroleum Refinery, David Bird, sought to assure the public of continued supply. He stated that the refinery continues to supply the domestic market with approximately 50 million litres of PMS daily, with nationwide distribution operating normally.
Bird emphasised the refinery’s role as a domestic producer, stating it “continues to shield the Nigerian market from import-related volatility and external supply disruptions, while remaining a stabilising force in the downstream petroleum sector.”
He also pointed to the refinery’s operational flexibility, which allows it to process various crude feedstocks and maintain supply even during planned maintenance activities.
The statement concluded by reaffirming the company’s focus: “Dangote Petroleum Refinery remains focused on delivering energy security, price stability, and long-term value for Nigerians.”
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