Dangote, Aiteo, Rano Raise Petrol Depot Price to ₦823/Litre Amid Rising Global Crude Oil Prices

Lagos, Nigeria –
Three major petroleum operators in Nigeria – Dangote Petroleum Refinery, Aiteo, and AA Rano – have adjusted the depot price of Premium Motor Spirit (PMS), popularly known as petrol, to ₦823 per litre, up from the previous ₦821 per litre. This follows a modest rise in global crude oil prices to $67 per barrel, from $65.

Although pump prices at filling stations remain unchanged for now, market watchers say a retail price adjustment may occur this week if the current market conditions persist.

Checks by Opinion Nigeria over the weekend indicate that Nigeria’s downstream petroleum sector continues to respond swiftly to international oil price movements due to growing competition and deregulation in the domestic market.

In a comment to Opinion Nigeria, Olajide Jeremiah, CEO of Petroleumprice.ng, explained:

“We are witnessing frequent adjustment of depot prices for some reasons. These include the low crude oil prices and also competition among downstream players in Nigeria.
The market would continue to record more price adjustments in the coming weeks as new changes occur in the global oil market.
We also expect the adjustments would be extended to pumps so that consumers would feel the impact going on in the market.”

Also speaking to Opinion Nigeria, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), echoed similar sentiments about the volatility of the domestic market. He emphasized the urgency of stable supply and full privatization of Nigeria’s refining assets:

“Full privatization with participation of grassroots stakeholders such as PETROAN, Major Energy Marketers Association (MEMAN), and others remains the real solution.”

Dangote Refinery Boosts Capacity and Reshapes Global Supply Chain

Meanwhile, Dangote Petroleum Refinery is set to increase its refining capacity by 7.7%, moving from 650,000 barrels per day (bpd) to 700,000 bpd.

Opinion Nigeria findings reveal that the refinery’s growing production capability has significantly disrupted previous import patterns of refined products, particularly from Europe to Nigeria and Africa.

As a result, Nigeria – once heavily dependent on imported petrol – is now increasingly meeting its domestic fuel demand through local production, while also exporting refined products to other countries. This development has had notable global implications, including shifting gasoline flows and impacting Europe’s gasoline inventory levels.

The Organisation of Petroleum Exporting Countries (OPEC) has noted that Dangote Refinery’s production and exports will likely continue to weigh on the European gasoline market, requiring new destination markets and altering trade dynamics.

This shift marks a significant transformation in Africa’s energy landscape, driven by the operations of the Dangote Refinery, which is gradually reducing Nigeria’s reliance on foreign refineries while reinforcing its position in the global energy supply chain.