In a move that is expected to further increase the financial burden on Nigerian consumers, Dangote Petroleum has announced a significant hike in the price of petrol, raising the cost from N899 to N955 per litre. This latest price increase, which represents a N56 jump, is likely to have far-reaching implications for the country’s economy, particularly for low-income households and small businesses that rely heavily on petrol for their daily operations.

The Dangote Petroleum Refinery has confirmed an increase in the price of Premium Motor Spirit, PMS, also known as petrol, to its customers.

This was contained in an email statement on Friday.

The refinery has announced that its refined products would be sold at N955 per litre at the loading gantry.

Marketers, who are buying between 2 million – 4.99 million litres, will now purchase it at N955 per litre while 5 million litres and above will buy at N950 per litre.

This represents an increase of N55.5 or 6.17% from N899.50 per litre that was fixed last December.

The notice read: “Kindly be advised that effective from 5:30 PM today, 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 & Above N895

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 at 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.”