Dangote Refinery Resumes Full Operations, Raises Petrol Price to ₦877 Per Litre

The Dangote Petroleum Refinery has resumed full operations, increasing the gantry price of Premium Motor Spirit (PMS), popularly called petrol, by seven percent — from ₦820 to ₦877 per litre.

According to findings by newsmen, oil marketers purchasing two million litres or more will still benefit from discounted rates despite the price adjustment. The refinery’s new gantry price remains below the prevailing depot range of ₦890 to ₦900 per litre charged by several private depot operators across the country.

Fresh data from Petroleumprice.ng revealed that depot owners like Pinnacle and Rainoil listed their current prices at ₦890 and ₦885 per litre, while Optima and Matrix offered at ₦880 and ₦890 respectively.

Speaking on the market situation, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, explained that the downstream sector is experiencing an ongoing price battle. He noted that with its massive capacity of 650,000 barrels per day, the Dangote Refinery continues to set the market pace. “Depot owners and other players are adjusting to remain competitive. We expect a gradual reduction in depot prices over the coming weeks and hope that these cuts will reflect at filling stations nationwide” Jeremiah said.

Despite this optimism, checks by newsmen confirmed that many filling stations across the country still retail petrol at over ₦900 per litre. Meanwhile, the President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), Mazi Obasi, praised the Dangote Refinery’s management and staff for their resilience in overcoming operational challenges, including sabotage attempts within the oil and gas value chain.

Obasi described the refinery’s operational success as a landmark achievement in Nigeria’s drive toward energy self-sufficiency and economic stability. He reaffirmed OGSPAN’s commitment to collaborating with the refinery on public awareness campaigns highlighting the benefits of domestic refining — including job creation, forex conservation and national growth.