Following a rise in the price of Brent, the global standard for crude oil, the Dangote Petroleum Refinery has informed its customers about an increase in the price of Premium Motor Spirit, commonly referred to as petrol.
In a statement on Friday, the refinery confirmed that its refined products will now be priced at N955 per litre at the loading gantry, indicating a change in its pricing strategy. It disclosed that marketers purchasing between 2 million and 4.99 million litres will pay N955 per litre, while those buying 5 million litres and above will pay N950 per litre.
This new pricing reflects an increase of N55.5 or 6.17 per cent compared to N899.50 per litre, which was offered as a holiday discount for Nigerians in December last year.
The adjustment will apply to all stock balances that have not yet been lifted by the specified time, and any pending stock at the time of the change will also be repriced at the new rates. The statement further indicated that the new pricing structure would take effect from 5:30 PM today.
This price increase is anticipated to have significant repercussions across the downstream petroleum industry, especially for private depots and retail markets.
On Thursday, the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, revealed that fluctuations in crude oil prices on the international market continue to be a key factor influencing pump prices for petrol.
He also noted that the downstream sector is now entirely deregulated, with the government no longer playing a role in determining prices.
