National Telescope national telescope newspaper
By: Ekpenyong Emmanuel
In a move that is set to send shockwaves through Nigeria’s petroleum market, the Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS), commonly referred to as petrol, from N899.50 to N955 per litre.
The price hike, which takes effect from 5:30 PM on Friday, has been attributed to the rising cost of Brent crude oil.
According to a statement issued by the refinery, marketers purchasing between 2 million and 4.99 million litres will now pay N955 per litre, while those buying 5 million litres and above will pay a slightly reduced rate of N950 per litre.
This adjustment represents a 6.17% increase compared to the N899.50 per litre holiday discount offered last December.
The statement, titled “Communication on PMS Price Review,” outlined the changes: Previous Prices: 2 million–9.99 million litres: N899.50 per litre 10 million litres & above: N895 per litre New Prices: 2 million–4.99 million litres: N955 per litre 5 million litres & above: N950 per litre
Industry experts have weighed in on the price hike, with Olatide Jeremiah, Chief Executive Officer of (link unavailable), describing the Dangote Refinery as a major force in Nigeria’s oil market.
“Dangote Refinery’s influence on fuel prices has become unmatched.
Private depots, major marketers, and independent marketers will adjust to align with this new price. Nigerians should expect an increase in petrol pump prices,” he said.
The price hike is expected to have significant implications for the downstream petroleum sector, affecting private depots and retail outlets.
As the Dangote Refinery continues to shape Nigeria’s petroleum landscape, one thing is clear, the country’s fuel prices will remain closely tied to global oil dynamics.
