Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) prices, citing rising global crude oil costs. In a statement released on Friday, the refinery set a new bulk purchase price of N955 per litre for buyers purchasing between 2 million and 4.99 million litres, while those buying 5 million litres or more will pay N950 per litre. This represents a 6.17% hike from the previous discounted rate of N899.50 per litre during the December holiday season. The new pricing took effect from 5:30 PM on the same day, impacting all unsold stock and pending orders.
The announcement comes as global oil prices, including Nigeria’s Bonny Light, surged by 5.1%, reaching $82 per barrel. The Organisation of Petroleum Exporting Countries (OPEC) attributes this rise to ongoing market instability and uncertainties expected to persist into 2025. Following this price hike, many motorists in Lagos and surrounding areas rushed to filling stations, leading some stations to increase their prices in response.
Meanwhile, Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, reiterated that petrol prices in Nigeria will now fluctuate based on international crude oil prices, as the downstream sector is fully deregulated. Speaking at the inaugural Petroleum Industry Stakeholders Forum in Abuja, Lokpobiri emphasized the government’s focus on ensuring fuel availability and quality control, rather than price regulation, to maintain market competition and prevent shortages.