Dangote Refinery and Petroleum Products Marketers have attributed the recent increase in premium motor spirit (PMS) prices to rising global crude oil prices, as Nigerians voice their concerns over the economic impact. Reports indicate that citizens woke up to a new nationwide fuel price hike.
Accordingly, the $20 billion Dangote Refinery raised its ex-depot prices from N899.50 per litre to N950 per litre, representing a N50 or 5 percent price hike.
Thereafter, the retail price of petrol rose to between N970 and N1,150 from N935 and N1,100 per litre.
Particularly, in filling stations with direct petrol sale partnerships with Dangote Refinery, such as MRS filling stations, PMS is sold at N970 per litre, up from N935.
According to reports retailer outlets of the Nigerian National Petroleum Company Limited now sell petrol at N999 per litre, up from N965. In contrast, other filling station outlets sell petrol between N1,040 and N1,150 nationwide.
Reacting to the latest price hike, Dangote Refinery, in a statement by its spokesperson, Anthony Chijiena, explained that it is due to a significant surge in the global prices of crude.
According to the 650,000-barrels-per-day facility, the rise in domestic petrol prices is linked to Brent crude’s price hike to $82 per barrel from $70.
Dangote Refinery, however, noted that it has absorbed 50 percent of the cost increases in the international oil market.
The company added that the retail price of its petrol would have risen to between N1,150 and N1,200 per litre in some locations, compared to the current price of N970 per litre.
