Dangote Raises Petrol Prices

Due to a consistent rise in the price of Brent crude, the global benchmark for oil, the Dangote Petroleum Refinery has announced an increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, for its customers.

In an email statement released on Friday, the refinery confirmed that its refined products will now be priced at N955 per litre at the loading gantry, reflecting a shift in its pricing structure.

Under the new pricing, marketers purchasing between 2 million and 4.99 million litres will be charged N955 per litre, while those buying 5 million litres or more will pay N950 per litre.

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This represents an increase of N55.5 per litre, or 6.17%, from the N899.50 per litre price set as a holiday discount for Nigerians in December of last year.

The adjustment applies to all stock balances that have not yet been lifted by the specified time, with any pending stock as of the effective date also being repriced at the new rates.

The refinery’s statement confirmed that the updated price structure will take effect from 5:30 PM today.

The notice titled, “Communication on PMS Price Review” read, “Dear Esteemed Customer, Trust this email finds you well.

“Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.

Quantity

Previous Price (NGN/Litre)

2 million-9.99 million -N899.50

10 million Litres & Above N895

Quantity

New Price (NGN/ Litre)

2 million – 4.99 million N955

5 million Litres & Above N950

“Please note that all stock balances yet to be lifted as at the above-stated time are to be repriced at the new reviewed prices.

“We shall communicate with customers on their revised volumes based on the reviewed prices, in due course.”

The price hike is anticipated to have far-reaching impacts on the downstream petroleum sector, especially on private depots and retail markets.

Olatide Jeremiah, an oil and gas expert, noted that depots are likely to raise the loading price of refined petroleum products due to the significant influence of the refinery.

Jeremiah, who is the Chief Executive Officer of petroleum price.ng, said, “Dangote Refinery’s 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.