By Ayo Kehinde
Dangote Petroleum Refinery has announced an upward review of the price of Premium Motor Spirit (PMS) commonly known as petrol.
In a notice titled “Communication on PMS Price Review”, the refinery attributed the price hike to escalating global oil prices, saying the new price structure will become effective by 5:30 pm on Friday, January 17.
According to the refinery, the new bulk purchase rate for customers buying between 2 million and 4.99 million litres is now N955 per litre. Bulk buyers purchasing 5 million litres or more will pay N950 per litre.
The adjustment represents a 6.17% increase, equivalent to N55.5 per litre, compared to the discounted rate of N899.50 per litre offered during December 2024’s holiday period.
The notice reads: “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
“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.”
