Nigeria’s pioneer independent petroleum product refiner, Dangote Petroleum Refinery, has announced a 6.7 increase in the price of premium motor spirit (PMS).
The company said the price increase was in response to the global rise in the price of crude oil, the main raw material for PMS.
DRL, in a statement on Friday, pegged the new bulk buyers (2 million to 5 million litres) at N955 per litre.
According to the statement, bulk buyers acquiring 5 million litres or more will now pay N950 per litre.
This price adjustment reflects a 6.17% increase, or N55,5 per litre, compared to the discounted rate of N899.50 per litre offered during December 2024’s holiday period.
The statement added that the new rates are set to take effect from 5:30 PM, Friday, January 17, affecting all unsold stock balances and pending orders.
In a notice titled “Communication on PMS Price Review”, the refinery informed its customers of the price revision, attributing the change to rising global oil prices.
Meanwhile, the price of crude oil, including Nigeria’s Bonny Light rose by 5.1 per cent to $82 per barrel, from $78 per barrel in the global market, yesterday, indicating that refiners now pay more for it than before.
According to the Organisation of Petroleum Exporting Countries, OPEC, the development was driven by market instability and uncertainties, expected to continue in 2025.
