In response to a continued rise in Brent crude prices, the global benchmark, Dangote Petroleum Refinery has announced a price increase for Premium Motor Spirit (PMS), commonly known as petrol.
According to a statement released on Friday, the refinery disclosed that the new price for its refined products will be ₦955 per litre at the loading gantry, marking a revision in its pricing framework.
The new rates specify that marketers purchasing between 2 million and 4.99 million litres will pay ₦955 per litre, while those buying 5 million litres or more will receive a slightly lower rate of ₦950 per litre.
This increase of ₦55.5, or 6.17%, from the previous ₦899.50 per litre price offered as a holiday discount in December, takes effect at 5:30 PM on the same day.
The refinery also confirmed that this new pricing structure applies to all stock balances yet to be lifted and any pending stock as of the effective time.
Industry experts predict that the price hike will likely influence the downstream petroleum sector, particularly private depots and retail markets. With Brent crude at $81.84 per barrel, this surge in prices could lead to higher pump prices across Nigeria.