Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS), commonly known as petrol, citing rising global crude oil prices.

 

In a statement released on Friday, the refinery announced that the new bulk purchase rate for customers buying between 2 million and 4.99 million litres is now N955 per litre. Bulk buyers purchasing 5 million litres or more will pay N950 per litre.

 

The adjustment represents a 6.17% increase, equivalent to N55.5 per litre, compared to the discounted rate of N899.50 per litre offered during December 2024’s holiday period.

 

The new pricing structure will take effect at 5:30 PM today, impacting all unsold stock and pending orders, according to the statement.

 

In a notice titled “Communication on PMS Price Review”, the refinery attributed the price hike to escalating global oil prices.