Former Kaduna Central Senator, Shehu Sani, has expressed concern over the recent hike in the price of Premium Motor Spirit (PMS), commonly known as petrol, by Dangote Petroleum Refinery.
In a statement released on Friday, Dangote Refinery confirmed the price adjustment for its customers. Marketers purchasing between two million and 4.99 million litres will now pay N955 per litre, while those buying five million litres or more will pay N950 per litre at the loading gantry.
The new rates represent a 6.17% increase from the previous price of N899.50 per litre, which was introduced as a holiday discount last December. The adjustment applies to all stock balances yet to be lifted and pending stock as of the effective time. The new pricing regime took effect at 5:30 pm on Friday.
Dealers have attributed the increase to the rising cost of crude oil, a key component in fuel production, noting that PMS prices are likely to continue climbing. The retail price of petrol now ranges from N1,050 to N1,150 per litre, depending on the region.
Reacting to the development on his X (formerly Twitter) account on Saturday, Sani expressed disappointment, stating that Nigerians had anticipated lower fuel prices from the refinery.
“The expectation was that Dangote Refinery would crash the price of petrol; the news that it’s increasing is baffling,” he wrote.
