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Dangote<\/p>\n
By Publisher<\/p>\n
Kindly share:<\/p>\n
The Dangote Petroleum Refinery has announced an upward review of the price of its Premium Motor Spirit, PMS, also known as petrol.<\/p>\n
The new price was informed by a\u00a0consistent surge in the price of Brent, the global benchmark for crude.<\/p>\n
The Refinery in an email statement on Friday, said its refined products would now be priced at N955 per litre at the loading gantry, marking an adjustment in its pricing structure.<\/p>\n
It noted that marketers buying between 2 million \u2013 4.99 million litres will now buy at N955 per litre while 5 million litres & above will buy at N950 per litre.<\/p>\n
The amount marks an increase of N55.5 or 6.17 per cent from N899.50 per litre announced as a holiday discount for Nigerians last year December.<\/p>\n
This adjustment applies to all stock balances yet to be lifted by the stated time while pending stock as of the effective time will also be repriced at the updated rates.<\/p>\n
The statement added that the new price regime will take effect from 5:30 PM, today.<\/p>\n
The notice titled, \u201cCommunication on PMS Price Review\u201d read, \u201cDear Esteemed Customer, Trust this email finds you well.<\/p>\n
\u201cKindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.<\/p>\n
Quantity<\/p>\n
Previous Price (NGN\/Litre)<\/p>\n
2 million-9.99 million -N899.50<\/p>\n
10 million Litres & Above N895<\/p>\n
New Price (NGN\/ Litre)<\/p>\n
2 million \u2013 4.99 million N955<\/p>\n
5 million Litres & Above N950<\/p>\n
\u201cPlease note that all stock balances yet to be lifted as at the above-stated time are to be repriced at the new reviewed prices.<\/p>\n
\u201cWe shall communicate with customers on their revised volumes based on the reviewed prices, in due course.\u201d<\/p>\n
The price increase is expected to have widespread effects on the downstream petroleum sector, particularly private depots and retail markets.<\/p>\n
An oil and gas expert, Olatide Jeremiah, said depots are poised to increase the loading price of refined petroleum products because of the heavy influence of the refinery.<\/p>\n
Jeremiah, who is the Chief Executive Officer of petroleum price.ng, said, \u201cDangote Refinery\u2019s 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 Price.<\/p>\n
\u201cBrent Crude oil as of today is $81.84, highest in 2025, its one major factor for the increase.\u201d<\/p>\n
On Thursday, the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, disclosed that the price of crude oil in the international market remains a major force in driving the fluctuations in the pump prices of petrol.<\/p>\n
He said the downstream sector is now fully deregulated with the government no longer involved in\u00a0setting\u00a0prices.<\/p>\n
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