Dangote Petroleum Refinery has increased the price of Premium Motor Spirit, also known as petrol at the loading gantry from N899.50 per litre to N955 per litre representing an increase of N55.5 or 6.17 per cent.
According to a statement from the group, the marketers buying between 2 million – 4.99 million litres will now buy at N955 per litre while 5 million litres and above will buy at N950 per litre.
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 that the new price regime will take effect from 5:30 PM, Friday, January 17, 2025.
The notice titled, “Communication on PMS Price Review” read, “Dear Esteemed Customer, Trust this email finds you well.
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
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 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.”
The price increase is expected to have widespread effects on the downstream petroleum sector, particularly private depots and retail markets.
