The pump prices of Premium Motor Spirit (PMS), commonly known as petrol, have surged to between N1,050 and N1,150 per litre across the country, following price adjustments by Dangote Petroleum Refinery and private depot owners.

This significant increase comes after Dangote Refinery raised its PMS price from N899 per litre to N955 per litre at the loading gantry.

Marketers purchasing two to five million litres now pay N955 per litre, while those buying over five million litres pay N950 per litre.

The hike has triggered widespread effects on the downstream petroleum sector. Private depots, even with existing stock, increased their prices to as high as N1,000 per litre in certain regions, including Lagos and Calabar.

Experts and marketers attribute this rise to the upward trend in global crude oil prices, with Brent crude reaching $81.84 per barrel, the highest so far in 2025. Festus Osifo, National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, recently warned that the climbing crude oil prices would lead to higher fuel costs.

According to Punch, oil marketers, under the Independent Petroleum Marketers Association of Nigeria (IPMAN), project that pump prices in the Federal Capital Territory and farther regions could hit N1,150 due to additional logistics costs.

The National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, emphasized that retail prices will also include charges from regulatory authorities, further driving costs above N1,000 per litre.

As the effects of deregulation unfold, consumers brace for higher costs amid fluctuating crude oil prices and growing competition in the sector.