By LEVI JOHNSON
The Dangote Petroleum Refinery has announced an increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, due to rising global crude oil prices.
New Pricing Structure
Effective 5:30 PM today, the updated bulk purchase rates are as follows:
- ₦955 per litre for customers buying between 2 million and 4.99 million litres.
- ₦950 per litre for bulk purchases of 5 million litres or more.
This represents a 6.17% price hike, equivalent to an increase of ₦55.5 per litre, compared to the ₦899.50 per litre discounted rate offered during December 2024’s holiday season.
Reasons for the Increase
In its notice, titled “Communication on PMS Price Review”, the refinery cited rising global crude oil prices as the primary factor driving the price adjustment.
The refinery also clarified that the new pricing will apply to all unsold stock and pending orders starting from the stated time.
Implications
The price increase is expected to have ripple effects on transportation and other sectors reliant on petrol, further intensifying the financial strain on businesses and households.
