Kehinde Fajobi
Dangote Petroleum Refinery has raised the price of Premium Motor Spirit (PMS), also known as petrol, due to rising global crude oil prices.
In a statement released on Friday, the refinery announced that its new price for refined products will be ₦955 per litre at the loading gantry.
Marketers purchasing between 2 million and 4.99 million litres will now pay ₦955 per litre, while those buying 5 million litres or more will pay ₦950 per litre.
This change represents a 6.17% increase, or ₦55.5, from the ₦899.50 per litre offered during the December 2024 holiday period.
The new pricing structure will take effect at 5:30 PM today, impacting all stock balances yet to be lifted and pending stock at the time.
The notice, titled “Communication on PMS Price Review,” explained, “Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.”
The price adjustment is expected to affect the downstream petroleum sector, especially private depots and retail markets.
Oil and gas expert Olatide Jeremiah, CEO of petroleumprice.ng, commented, “Dangote Refinery’s influence on fuel price has become unmatched; private depots, major marketers, and independent marketers will compete with this new price. Therefore, Nigerians should expect an increase in petrol pump prices.”
Jeremiah also noted that the price of Brent Crude, which currently stands at $81.84 per barrel, is a significant factor in the price hike.
Minister of State for Petroleum Resources, Heineken Lokpobiri, recently stated that fluctuations in global crude prices remain a primary driver of petrol pump price changes.
He added that the downstream sector is now fully deregulated, with the government no longer setting prices.