The Dangote Petroleum Refinery has disclosed a revised increase in the price of Premium Motor Spirit (PMS), widely known as petrol. This adjustment, the company explained, is a direct response to surging global crude oil prices, which have significantly impacted production and supply costs across the industry.
In a statement issued on Friday, the refinery unveiled its updated pricing framework, setting the bulk purchase rate for Premium Motor Spirit (PMS) at N955 per litre. This rate applies specifically to customers buying quantities ranging from 2 million to 4.99 million litres.
The statement further indicated that bulk buyers purchasing 5 million litres or more would now enjoy a slightly reduced rate of N950 per litre, reflecting a marginal discount for higher volume transactions.
The revised pricing represents a 6.17% hike, equating to an additional N55.5 per litre, compared to the discounted rate of N899.50 per litre that was available during the December 2024 holiday season.
The statement added that the new rates are set to take effect from 5:30 PM today, impacting all unsold stock balances and pending orders.
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In a notice titled “Communication on PMS Price Review”, the refinery informed its customers of the price revision, attributing the change to rising global oil prices.
Checks indicated that many motorists and other buyers rushed to buy the product from filling stations in Lagos and its environs while some smart filling stations also raised prices.
Meanwhile, the price of crude oil, including Nigeria’s Bonny Light rose by 5.1 per cent to $82 per barrel, from $78 per barrel in the global market, yesterday, indicating that refiners now pay more for it than before.
According to the Organisation of Petroleum Exporting Countries, OPEC, the development was driven by market instability and uncertainties, expected to continue in 2025.
However, the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, on Thursday insisted that fluctuations in the pump price of petrol would be determined by the price of crude oil in the international market.
