Over the weekend, three major operators – Dangote Petroleum Refinery, Aiteo, and AA Rano – adjusted the depot price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦821 to ₦823 per litre. The price review comes as global crude oil climbed from $65 to $67 per barrel.
Before this latest adjustment, the companies had maintained a depot price of ₦821 per litre. Market watchers note that local pricing will likely continue to mirror international oil trends due to growing competition in Nigeria’s downstream sector.
For now, pump prices remain unchanged. However, marketers have hinted that retail adjustments may follow if global market conditions persist.
Commenting on the development, Olajide Jeremiah, CEO of Petroleumprice.ng, explained:“We are seeing frequent adjustments in depot prices driven by global oil movements and competition among Nigerian downstream players. More reviews should be expected in the coming weeks, and eventually, the retail market will reflect these changes.”
Also speaking, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), highlighted the need for stable supply and called for the full privatization of government-owned refineries, stressing that industry stakeholders must be included in the process.
Meanwhile, Dangote Petroleum Refinery is set to boost its output by 7.7 percent, raising capacity from 650,000 barrels per day (bpd) to 700,000 bpd. Already, the refinery’s operations are reshaping petroleum flows, reducing Nigeria’s dependence on imports, and shifting supply patterns across Africa and Europe.
The Organisation of Petroleum Exporting Countries (OPEC) has observed that Dangote’s exports are putting pressure on Europe’s gasoline market. With more products now available globally, traditional supply chains are being redirected, reducing Nigeria’s imports while altering European stock levels.