Dangote Petroleum raises PMS price to N799 per litre as imported petrol costs fall below refinery gantry rate, ending festive discount and realigning market prices

Dangote Petroleum Refinery has increased its ex-depot price of Premium Motor Spirit (PMS) to N799 per litre following the conclusion of a temporary festive-period discount, even as the landing cost of imported petrol fell to N728.88 per litre, below the refinery’s new rate.

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The Lekki-based facility raised its gantry price from N699 to N799 per litre on Monday, creating a price gap of about N70 per litre between imported and locally refined petrol.

Retail partner MRS Oil has implemented the adjustment, selling PMS at N839 per litre, up from N739 per litre recorded on Monday.

The refinery said the earlier festive discount was introduced to cushion consumers during heightened year-end spending and was never intended as a permanent price.

“With the festive period concluded, PMS prices have been realigned to sustainable levels,” the company said.

Chief Executive Officer David Bird explained that Dangote Petroleum continues to supply about 50 million litres of petrol daily to the domestic market.

He added that the refinery’s flexible design allows it to process a wide range of crude and intermediate feedstocks, ensuring continuous PMS production even during planned maintenance.

Dangote Petroleum emphasised its role in shielding the market from import-related volatility.

In December, the refinery reduced prices by N129 per litre to ensure petrol sold for no more than N740 per litre, which also led to a decline in import volumes from 52.1 million litres per day in November to 42.2 million litres in December.

Industry stakeholders, however, remain cautious. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, warned that dominance by a single supplier could create risks for consumers and called for a level playing field.

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While the landing cost of imported petrol is now cheaper on paper, market analysts say it is unclear whether importers will pass the savings to consumers or price competitively against Dangote-backed outlets in the coming weeks.