The Dangote Refinery has increased the price of Premium Motor Spirit (PMS) for bulk buyers from N899 to N955 per litre.
The refinery made this known in a notice issued“Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit. on Friday, January 17, 2025.
The company’s statement stated that marketers buying between 2 million – 4.99 million litres will now buy at N955 per litre while 5 million litres & above will buy at N950 per litre.
The amount marks an increase of N55.5 or 6.17 per cent from N899.50 per litre announced as a holiday discount for Nigerians last year 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 added that the new price regime will take effect from 5:30 PM, today.
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.”
The price increase is expected to have widespread effects on the downstream petroleum sector, particularly private depots and retail markets.
An oil and gas expert, Olatide Jeremiah, said depots are poised to increase the loading price of refined petroleum products because of the heavy influence of the refinery.
Jeremiah, who is the Chief Executive Officer of petroleum price.ng, said, “Dangote Refinery’s influence on Fuel price has become unmatched; private depots, Major marketers, and independent Marketers will compete with this new price. Therefore, Nigerians should expect an increase in Petrol Pump Price.
“Brent Crude oil as of today is $81.84, highest in 2025, its one major factor for the increase.”
On Thursday, the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, disclosed that the price of crude oil in the international market remains a major force in driving the fluctuations in the pump prices of petrol.
He said the downstream sector is now fully deregulated with the government no longer involved in setting prices.
