The price of Premium Motor Spirit (PMS), commonly referred to as petrol, has surged to between N1,050 and N1,150 per litre, depending on the area of purchase. This follows an increase in the cost of the product at the Dangote Petroleum Refinery and other depots.Petroleum dealers have attributed the price hike to the rising cost of crude oil, a critical component in fuel production. Festus Osifo, National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), had earlier warned that petrol prices would rise if crude oil prices continued their upward trend.
“Crude oil prices hit $80 per barrel today (Thursday). Without significant improvements in the exchange rate, PMS prices will likely increase in the coming weeks,” Osifo stated during an event in Lagos.On Friday, the Dangote Petroleum Refinery adjusted its PMS price, raising it from N899 per litre to N955 per litre at the loading gantry.According to an email sent to customers and obtained by reporters, the refinery announced the updated pricing for refined products. Marketers purchasing between 2 million and 4.99 million litres would now pay N955 per litre, while those buying 5 million litres or more would be charged N950 per litre.
This adjustment represents a 6.17% increase from the previous holiday discount rate of N899.50 per litre offered last December. The new rates apply to all stock balances yet to be lifted and pending stock as of the effective time.
With crude oil prices continuing to rise, experts predict further increases in PMS prices unless there is a significant improvement in the exchange rate or other mitigating measures are implemented.
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