Dangote Petroleum Refinery has announced a new petrol price, increasing the cost of Premium Motor Spirit (PMS) to ₦955 per litre at the loading gantry, effective from 5:30 PM today. This adjustment follows a sustained rise in the price of Brent crude, the global benchmark for oil.
According to a statement circulated on Friday, marketers purchasing between 2 million and 4.99 million litres will be charged ₦955 per litre, while those buying 5 million litres or more will pay ₦950 per litre. This increase marks a rise of ₦55.5, or 6.17%, from the previous price of ₦899.50 per litre, which was offered as a holiday discount in December.
The new pricing structure will apply to all stock balances not yet lifted by the revised time, affecting the downstream petroleum sector, particularly private depots and retail markets. Olatide Jeremiah, CEO of Petroleum Price.ng, noted that the Dangote Refinery’s influence would likely lead to increased fuel prices across the country.
Jeremiah explained that the high price of Brent Crude, which is currently $81.84, is a key factor driving the hike. Meanwhile, Minister of State for Petroleum Resources, Heineken Lokpobiri, emphasized that the fully deregulated downstream sector means the government no longer sets petrol prices, leaving the market to adjust based on international oil trends.
Leave a Reply