
The Dangote Petroleum Refinery has announced a price hike for Premium Motor Spirit (PMS), commonly known as petrol, following a consistent rise in Brent crude prices, the global benchmark for oil.
In a statement released on Friday, the refinery stated that the new price at the loading gantry will be N955 per litre. Marketers purchasing between 2 million and 4.99 million litres will pay N955 per litre, while those buying 5 million litres or more will enjoy a slightly reduced rate of N950 per litre.
This adjustment represents a 6.17% increase from the previous price of N899.50 per litre, which had been offered as a holiday discount in December 2024.
The new pricing structure will apply to all stock yet to be lifted as of the effective time, with pending stock repriced accordingly. The revised rates come into effect at 5:30 PM today, according to the notice titled “Communication on PMS Price Review.”
The statement 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) New Price (NGN/Litre)
2 million – 4.99 million N899.50 N955
5 million & above N895 N950
“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.”
Industry experts have indicated that this price adjustment will likely impact the downstream petroleum sector, including private depots and retail markets.
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