Oil marketers increase PMS prices over competition with Dangote Refinery (Full Lists)

*Nigerian oil marketers jack up retail prices of the Premium Motor Spirit, also called petrol, reportedly as a result of the ongoing ‘competition’ with the Dangote Petroleum Refinery, and the company’s plan for direct fuel distribution to big-time corporate consumers across the country

Isola Moses | ConsumerConnect

Nigerian oil marketers have increased prices of the Premium Motor Spirit (PMS), otherwise called petrol, at filling stations in connection with the ongoing competition between the oil dealers and the Dangote Petroleum Refinery, Lagos.

ConsumerConnect reports the data gathered from Petroleumprice.ng Tuesday, June 17, 2025, indicated that seven oil depots in the country had increased prices by between 1.45 percent and 2.90 percent from June 11 to June 13 this year.

Alhaji Aliko Dangote, President/Chief Executive of Dangote Group

It is also noted that the apparent changes at major depots, in Lagos State, between June 11 and June 13, 2025, illustrate the upward trend in petrol increments as indicated below:

• Aiteo:             NGN 825 → NGN 840 (1.82% increase)
• Nipco:            NGN 827 → NGN 845 (2.18% increase)
• Menj:              NGN 826 → NGN 850 (2.90% increase)
• First Royal:   NGN 826 → NGN 838 (1.45% increase)
• Emadeb:        NGN 827 → NGN 845 (2.18% increase)
• Pinnacle:        NGN 829 → NGN 845 (1.93% increase)
• Swift:              NGN 830 → NGN 845 (1.81% increase)

Dangote Refinery, however, in the last few weeks, has demonstrated resilience by keeping its ex-depot price steady at NGN 835 per litre.

This is equally shown in the oil-refining company’s Price Template for June 16, 2025, as follows:

• PMS Gantry:             NGN 835.00 per litre
• PMS Coastal:            NGN 770.00 per litre
• AGO Gantry:             $684.25 + $55 (payable in Naira at FX: 1605 or in USD)
• AGO Coastal:            $684.25 + $8
• ATK Gantry:              $741.50  + $42
• ATK Coastal:             $741.50  + $22
• LPG Gantry:              NGN 840,000 (inclusive of NMDPRA charges)

The latest development in PMS pricing is not unconnected with the Dangote Refinery’s recent initiative to commence direct fuel distribution from August 15 this year, to big-time consumers, including the telecommunications companies, manufacturers, aviation firms, and others across Nigeria, deploying about 4,000 brand-new Compressed Natural Gas (CNG) trucks for this purpose.

Speaking on the development, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Tuesday, June 17 said the Association had been holding meetings since Dangote Sunday, June 15, announced the plan to commence direct fuel distribution to big-ticket consumers nationwide.

Gillis-Harry, who stated this while appearing as a guest on a Channels TV programme monitored Tuesday, in Lagos, also urged the Federal Government and industry regulators, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to stop the “market expansion” moves by Dangote Petroleum Refinery.

The National President of PETROAN expressed worries, saying: “If one company that is as massive as our brother’s (Aliko Dangote) can do all of this, of course, it is going to take us out of business.”

PENGASSAN accuses oil marketers of consumer exploitation

Recently, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) the country’s oil marketers of exploiting energy consumers.

Festus Osifo, President of (PENGASSAN), Festus Osifo, pointedly accused the oil dealers of exploiting Nigerians through inflated petrol prices, said that the current PMS price ordinarily, should range between N700 and N750 per litre, as against the current N850 to over N900 per litre in most locations across Nigeria.

In a potpourri of reactions to Dangote’s fuel distribution plan, IPMAN has warned that PMS distribution by Dangote Refinery could mark the beginning of “full monopoly” in the downstream petroleum sector of the economy.

Previously, Dangote Refinery has explained the plan to distribute fuel to marketers, dealers, and large-scale consumers with free logistics is part of the company’s effort at supporting the sector while reducing logistics burdens on the stakeholders.

Speaking on the topical issue, Tekena Ikpaki, IPMAN Chairman in Rivers State, however, described the Dangote’s plan, backed by a fleet of 4,000 newly acquired Compressed Natural Gas, CNG-powered tankers, as a veiled strategy that could severely undermine the operations of over 10,000 independent marketers and dealers across the country, report said.

Ikpaki stated: “This initiative may appear generous on the surface, but beneath the goodwill lies a disturbing threat to market diversity and the survival of small and medium-scale operators.

“If left unchecked, this level of vertical integration, refining, transportation, and retail, by a single company will cripple competition.”

Still, IPMAN warned that such largesse from Dangote Refinery could distort pricing, force smaller operators out of the oil market, and grant Dangote undue control over the entire fuel supply chain in Nigeria.

The Association stated: “We acknowledge and support the development of domestic refining capacity.

“But allowing a single entity to control refining, logistics, and distribution without checks or counterweights is a recipe for monopolistic dominance.”