Dangote Petroleum Refinery has announced an increase in the price of Premium Motor Spirit, PMS, commonly known as petrol, due to a significant rise in global crude oil prices.
This adjustment reflects the refinery’s response to the changing global energy market and aims to align the pricing of petrol with current international trends.
In a statement issued on Friday, the refinery disclosed that the new bulk purchase rate for customers buying between 2 million and 4.99 million litres of PMS has been set at N955 per litre.
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Additionally, bulk buyers who purchase 5 million litres or more will be charged N950 per litre. These new rates represent an adjustment in the pricing structure that reflects the fluctuating costs of crude oil on the international market.
This adjustment, which represents a 6.17% increase amounts to an additional N55.5 per litre compared to the previously discounted rate of N899.50 per litre, which was offered during the holiday period in December 2024.
The increase comes as part of the refinery’s strategy to align its pricing with the rising costs of crude oil globally.
The newly revised pricing structure will take effect at 5:30 PM today, with the adjustment impacting all unsold stock and pending orders.
As stated by the refinery’s statement, this means that any unpurchased stock or orders that have not yet been fulfilled will be subject to the updated pricing from that time onward.
In a notice titled “Communication on PMS Price Review,” the refinery explained that the price hike is a result of the ongoing escalation in global oil prices, which have been putting pressure on the cost of refining and distributing petrol.
Industry analysts have noted that the increase in PMS prices is likely to have ripple effects across various sectors of the economy, including transportation and logistics, as businesses may adjust their costs to reflect the higher fuel rates.
Consumers are also expected to feel the impact, with potential increases in the prices of goods and services.
The refinery, however emphasized its commitment to ensuring a steady supply of petrol to meet market demand despite the challenging global oil landscape.
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