Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS), citing rising global crude oil prices.
In a statement released on Friday, he said announced that 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 new pricing structure will take effect at 5:30 PM today, impacting all unsold stock and pending orders, according to the statement.
On Thursday, president, Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, said they will be an increase in fuel increase soon, citing exchange rate as a major factor behind the increase.
Osifo who was speaking at the association’s National Executive Council (NEC) meeting in Lagos said fuel pump price may increase in the coming weeks if crude oil price on the international market continues to rise.
“The crude price rose to $80 per barrel today. Without exchange rate improvements, PMS prices will increase in the coming weeks,” Osifo said.
