A combined photo of Dangote Refinery logo and Aliko Dangote
By Victory Oghene
Some Nigerians are scared stiff that Alhaji Aliko Dangote’s Dangote Refinery has announced a N100 per liter increase of the retail price of Premium Motor Spirit nationwide, while others argued that the increase is as a result of open market cost of crude oil, haulage, increased cost of energy, high interest rates, severe inflation and the new tax regime.
The former had perceived Dangote as a sort of messiah when he slashed the price of petrol last December but were taken aback when the company disclosed in a statement on Monday that it increased cost of petrol by N100 per litre.
According to the $20 billion refinery plant, its gantry price of petrol is now sold at N799 per liter, while the retail price is N839 per liter, up from N699 and N739 per liter sold since December last year.
“Under the current alignment, the PMS gantry price is N799 per liter, while MRS retail outlets are selling at N839 per liter,” the company stated.
The Chief Executive Officer of Dangote Petroleum Refinery, David Bird, stated that the refinery continues to supply the domestic market with approximately 50 million liters of PMS daily, with nationwide evacuation and distribution operating normally.
The former presidential candidate of Social Democratic Party (SDP), Prince Adewole Adebayo said government should liberalise the market to make it freer, and also ensure that public refineries are functional and ensure private refineries produce and deliver to all markets according to their own production economics, without extorting the consumers or disrupting the supply chain.
“It is important to diversify and further liberalise the market to make it freer, more competitive and more sustainable with more capacity to withstand shocks from both domestic and international supply chain. The first steps towards achieving that is to ensure that public refineries are functional and private refineries can produce and deliver to all markets according to their own production economics, without extorting the consumers or disrupting the supply chain. Long term, our energy mix would ensure that low income earners are shifted away from dependency on costly petrol for locomotion, production and survival.” Adebayo said
A former member of the House of Representatives and a legal luminary, Dr. West-Idahosa (SAN) commended the Dangote Refinery for the availability of the product and added that pricing of the product would depend on other variables.
“I have nothing but deep appreciation for the Dangote group. They have really helped with availability of PMS. Pricing of the product would depend on other variables. In December, 2025, the group reduced the retail price of PMS to slightly over 700 naira in commemoration of that season. If the group has now increased the retail price of PMS, it may be reacting to the open market cost of crude oil, haulage, increased cost of energy, high interest rates, severe inflation and the new tax regime. After all, Dangote group buys most of its crude oil from external sources at prevailing rates. The group operates within the harsh economic environment in Nigeria today and they are not expected to perform economic miracles with respect prices of their petroleum products.” said West-Idahosa.
Tim Okojie Ave, a House of Representatives Aspirant for Edo central was philosophical on his take. He said “We were promised competition, affordability, and national benefit. What we got is a 100-naira reminder that monopoly—whether foreign or local—still empties the pockets of ordinary Nigerians.”
Martins Njoku a technician based in the federal capital territory, Abuja, said that he was dissapointed with the increase as announced by Dangote Refinery. “I’m highly dissapointed with the current trend. I had thought Dangote is the messiah that will liberate the sector but that seems not to be the case. At a time that we are expecting that the price of petrol to go down so as to cushion of the effect of inflation, the price is being increased. This is unacceptable.” He said.
Lawal Amuda, a computer engineer based in Lagos also condemned the increase. He stated that he’s one of the avid supporters of Dangote Refinery against the mafia in the oil sector, but became sad that Dangote Refinery which refined locally has increased its price.
“Let me tell you, I supported Dangote against the mafia in the sector. I urged the government to do away with the mafia to enable the company get crude locally. I also campaigned against the union via my social media pages. Now that we are suppose to get cheap fuel, Dangote has increased the price of petrol. It’s a sad development”
As of Monday night, retail filling stations, including Nigerian National Petroleum Company Limited, dispense petrol between N805 and N830 per liter.
However, Dangote’s fuel price hike may trigger a petrol price hike across the country’s downstream sector.
It would be recalled that Aliko Dangote, the president of the refinery, had in December last year said that its N739 per liter retail fuel price would persist nationwide to edge out importers.
In the briefing with journalists, precisely on Sunday, 14th December, Dangote said, “We don’t want people to sell petrol for more than N740 nationwide.”
