In response to the ongoing surge in Brent crude oil prices, the Dangote Petroleum Refinery has announced an increase in the price of Premium Motor Spirit, or petrol, for its customers.
The refinery revealed in a statement that the new price for its refined products will be N955 per litre at the loading gantry, reflecting an adjustment to its pricing structure.
The refinery further clarified that marketers purchasing between 2 million and 4.99 million litres of petrol will be charged N955 per litre, while those purchasing 5 million litres or more will be charged N950 per litre.
This adjustment represents a N55.5 increase, or a 6.17% rise, from the N899.50 per litre price that was offered as a holiday discount to Nigerians in December of the previous year.
The campay also noted that this price adjustment will apply to all stock balances that have not yet been lifted by the specified time.
Additionally, any pending stock as of the effective time will be repriced according to the new rates.
The statement confirmed that the revised price regime 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 increase is expected to have significant ripple effects across the downstream petroleum sector, especially impacting private depots and retail markets.
Recall, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, had stated on Thursday that international crude oil prices are a key factor driving fluctuations in petrol pump prices.
