Victor EzejaDangote Petroleum Refinery has increased its ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to N880 per litre.
This reflects a N55 hike from the previous price of N825 per litre.
Join our WhatsApp ChannelThe new ex-depot price was confirmed by petroleumprice.ng, a daily product pricing platform.
Also, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Shettima, confirmed the new price adjustment. “We are aware that the refinery has reviewed the price to N880 per litre. Our members have been informed,” Shettima said on Saturday.
This price change was made just days after the refinery announced that it would be implementing nationwide logistics services for the distribution of gasoline and diesel. The refinery stated that this move was made in an effort to increase fuel availability and affordability nationwide.
The Dangote Group announced that it has expanded its logistics capabilities by acquiring 4,000 new tankers that are powered by compressed natural gas (CNG), which will greatly increase its ability to distribute petroleum products throughout Nigeria.
The latest increase in petrol price follows a recent surge in the price of crude oil on the international market.
Prime Business Africa reports that Crude oil prices recorded a sharp increase last week as the conflict between Israel and Iran worsened, raising fears that global oil supplies could be affected.
The situation pushed oil prices to their highest levels since January.
In response to the petrol price increase by Dangote refinery, one of its partners, MRS Oil Nigeria, has announced a price adjustment.
MRS disclosed this in a new price template released on its official X account on Saturday.
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The petroleum marketer said petrol will now be sold at between N925 and N955 per litre, against between N875 and N905 sold previously in its filling stations nationwide.
According to the new price template, motorists will be buying petrol at N925 in Lagos, N935 in South-west, N945 in North-west & Central, N955 in North-east and South-east.
MRS urged Nigerians to report any of its filling stations not selling at the stated price.
There are concerns that the latest price surge puts additional strain on households and businesses that depend on petrol for mobility and power generation, as inflation already has an impact on consumer purchasing power.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
