Dangote Petroleum Refinery has increased the price of its Premium Motor Spirit (PMS), also known as petrol to N955 per litre.
The refinery made this known in a statement on Friday, titled “Communication on PMS Price Review” It attributed it to rising global crude oil prices.
Join our WhatsApp ChannelIt stated that N955 per litre is now the new bulk purchase cost for those buying between 2 million and 4.99 million litres. Bulk customers would pay N950 per litre if they buy five million litres or more.
This reflects an increase of N55.5 per litre (6.17 per cent) from the discounted rate of N899.50 per litre it sold to marketers during the Yuletide season.
The statement said the new pricing structure will take effect at 5:30 PM on Friday (today), impacting all unsold stock and pending orders.
Prime Business Africa had reported that the Dangote Refinery in December 2024, announced a reduction in the price of Premium Motor Spirit (PMS) to N899.50 per litre, to give Nigerians relief during the Christmas holiday period.
Prior to that reduction, the price of petrol was N970 per litre after the previous cut on 24 November 2024.
This latest price adjustment, though slightly lower than pre-festive season price of N970, may according to analysts, lead to further increase in pump price at filling stations.
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.
