Indigenous oil firm, Dangote Petroleum Refinery has increased the prices of its Premium Motor Spirit (PMS), commonly referred to as petrol, in response to the escalating global crude oil prices.

The company announced the price review in a statement issued on Friday, January 17, 2025.

According to the new pricing structure, customers interested in a bulk purchase between 2 million and 4.99 million litres will pay the rate of N955 per litre.

Dangote also said bulk buyers acquiring 5 million litres or more will now pay N950 per litre.

The refinery noted that the price adjustment represents 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 company added that the new rates are set to take effect from 5:30 PM today, impacting all unsold stock balances and pending orders.

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The refinery informed its customers of the price revision, attributing the change to rising global oil prices, which have galloped to $82 per barrel.

Checks confirmed that refiners now pay more for crude oil acquisition as the price of the commodity, including Nigeria’s Bonny Light rose by 5.1 per cent to $82 per barrel, from $78 per barrel in the global market.

The Organisation of Petroleum Exporting Countries (OPEC) explained that the development was driven by market instability and uncertainties, which are expected to continue as the year goes by.