Petrol price rises to N1,150

The pump prices of Premium Motor Spirit (PMS), fondly called petrol, have increased to between N1,050 and N1,150/litre in the country.

The latest development followed the hike in the cost of petrol by the refinery and various depot owners.

Dangote refinery, in an email sent to its customers on Friday, January 17, 2025, announced an upward adjustment in the price of petrol produced by the refinery.

The Dangote refinery increased petrol prices from N899/litre to N955/litre at its loading gantry.

The refinery said its refined products would now be priced at the new cost, adding that marketers buying between 2 million and 4.99 million litres would now buy at N955/litre, while 5 million litres and above would buy at N950/litre.

It noted that the new price regime took effect from 5:30 p.m. on Friday.

The amount marks an increase of N55.5 or 6.17 per cent from N899.50/litre announced as a holiday discount for Nigerians in December 2024.

The Dangote refinery said: “Dear esteemed customer, trust this email finds you well.

“Kindly be advised that effective from 5:30 p.m. today (Friday), an upward adjustment has been implemented on the gantry price of Premium Motor Spirit. Quantity Previous Price (NGN/Litre): 2 million-9.99 million – N899.50; 10 million litres and above – N895.

Petrol price hike imminent over increase at depots

“Quantity New Price (NGN/ Litre): 2 million – 4.99 million – N955; 5 million litres & above – N950.

“Please note that all stock balances yet to be lifted as of the above-stated time are to be repriced at the new reviewed prices.

“We shall communicate with customers on their revised volumes based on the reviewed prices, in due course.”

The price increase sparked widespread effects on the downstream petroleum sector, particularly private depots and retail markets.

It was gathered that private depots, despite having old stocks, increased their loading costs to N970 in Lagos.

A breakdown analysing petrol price movements at loading depots after the announcement of the new price showed that Sahara depot increased its loading price by N20 to N970/litre from N950/litre on Thursday.

Pinnacle Depot increased its price to N970 from N921, while Wosbab Depot made a similar change to N965 from the N940 it sold a litre of petrol on Thursday.

NIPCO increased its loading costs by N30 to N980 from N950 on Thursday.

A private depot, Rainoil, also increased its loading costs to N970 from N950.

Zone 4 and Mainland depots increased their loading costs to N1,005/litre from N985, which sold products on Thursday.

The Star