The pump prices of Premium Motor Spirit, popularly called petrol, have risen to between N1,050 and N1,150/litre depending on the area of purchase, following the hike in the cost of the commodity by the Dangote Petroleum Refinery and various depot owners.
Dealers confirmed that PMS prices would continue to rise since the major component in fuel production, crude oil, has been on the upward swing lately. The National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, earlier alluded to this when he pointed out that petrol prices might soon rise if the cost of crude oil continued to increase.
On Friday, there was an upward adjustment in the price of petrol produced by the Dangote Petrochemical Refinery. The $20bn plant raised its PMS from N899/litre to N955/litre at its loading gantry. The refinery, in an email statement sent to its customers, said its refined products would now be priced at the new cost. It noted that marketers buying between two million and 4.99 million litres would now buy at N955/litre, while five million litres and above would buy at N950/litre.
The amount marks an increase of N55.5 or 6.17 per cent from N899.50/litre announced as a holiday discount for Nigerians last December. This adjustment applies to all stock balances yet to be lifted by the stated time, while pending stock as of the effective time will also be repriced at the updated rates.
The statement stated, “Kindly be advised that effective from 5:30 pm today (Friday), 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. Quantity 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 of the above-stated time are to be repriced at the newly reviewed prices. In due course, we shall communicate with customers on their revised volumes based on the reviewed prices.”
