The retail price of Premium Motor Spirit (PMS), commonly known as petrol, has risen to between N1,030 and N1,150 per litre following a recent hike in ex-depot prices by Dangote Refinery. The refinery’s decision to increase prices has sent ripples through the nation’s fuel market, triggering a series of retail price adjustments at filling stations.
On Friday, Dangote Refinery announced a new ex-depot price for petrol, increasing it from N899 per litre to N955 per litre. The price change, which affects customers purchasing between two million and 4.99 million litres, now sets the price at N955 per litre. For customers buying five million litres or more, the price has been set at N950 per litre.
This hike represents a significant N55 increase, or a 6.17 percent rise, compared to the N899.50 per litre offered as a temporary discount last December during the holiday season.
Following the price increase by Dangote Refinery, the retail price of petrol has seen adjustments across various filling stations, with the Independent Petroleum Marketers Association of Nigeria (IPMAN) confirming that prices could surpass N1,100 per litre at stations nationwide. Chinedu Ukadike, IPMAN’s spokesperson, further explained that prices in more remote locations could rise to as high as N1,150 per litre due to added logistical costs.
"The ex-depot price increase to N980 will also affect logistics costs, causing commuters in faraway locations to pay more," Ukadike said, noting that this price adjustment is a direct result of rising crude oil prices.
The price hike is set to have a wide-reaching impact, as the increase in fuel costs will directly affect consumers' daily expenses, particularly in remote areas where logistics costs add to the burden.
| Posted: at | |
gogoman
Dopybadass
fineboy77
TRENDING GISTS 
Blessing CEO Reportedly Engaged—Fiancé’s Identity Sparks Speculation
Bride-to-Be Sparks Controversy After Reportedly Spending Night With Ex While Delivering Wedding Invitation (Video)
Tension In Ogoni As Youths Protest Disorganized Oil Exploration Congress
Labour Party Suspends Rivers Caretaker Chairman, Hilda Dokubo Over Alleged Misconduct (Photo)
Troops Eliminate Notorious Bandit Leaders, Kachalla Gwammade & Kachalla Shehu In Zamfara Military Operations