Dangote Refinery Raises Petrol Prices Amid Rising Global Oil Costs

Dangote Petroleum Refinery has announced a price increase for Premium Motor Spirit (PMS), also known as petrol, due to the rising costs of global crude oil. In a statement released on Friday, the refinery revealed that the new bulk purchase rate for customers purchasing between 2 million and 4.99 million litres has been set at N955 per litre, while bulk buyers purchasing 5 million litres or more will pay N950 per litre.

This adjustment marks a 6.17% increase, equivalent to N55.5 per litre, compared to the discounted rate of N899.50 per litre offered during the holiday period in December 2024. The new pricing structure will take effect at 5:30 PM today, impacting all unsold stock and pending orders.

In its notice titled “Communication on PMS Price Review,” the refinery explained that the price hike was a result of the escalating global oil prices, which have been driving up costs in the petroleum sector.