Dangote Petroleum Refinery has announced a new price list for its customers for Premium Motor Spirit (PMS) also known as Petrol or fuel.
This is in response to a sustained increase in the price of Brent crude, the global benchmark.
According to reports, Dangote refinery had revealed in a statement that the new price for its refined products will be set at ₦955 per litre at the loading gantry, indicating a revision in its pricing framework.
The refinery specified that marketers purchasing between 2 million and 4.99 million litres will be charged ₦955 per litre, while those acquiring 5 million litres or more will benefit from a slightly lower rate of ₦950 per litre.
This adjustment represents an increase of ₦55.5, or 6.17 per cent, from the ₦899.50 per litre price that was offered as a holiday discount to Nigerians in December of the previous year.
The new pricing structure will apply to all stock balances that have not yet been lifted by the specified time, and any pending stock as of the effective time will also be subject to the revised rates.
The statement further indicated that this new pricing regime will come into effect at 5:30 PM today.
Remember that the downstream sector is now fully deregulated, and the government is no longer involved in setting prices. Also, pump prices are now affected by the fluctuations in the price of crude in the international markets
