Dangote Refinery has announced a new retail price for Premium Motor Spirit (PMS), also known as petrol, in partnership with key distribution partners MRS Oil, Heyden, and Ardova.
In a statement released on Sunday, January 19, Dangote confirmed that the three marketers will now sell its petrol at N970 per litre nationwide, a 3.74% increase from N935 per litre announced in December.
Also, the Dangote refinery announced an increase in ex-depot prices from N899.50 to N950 per litre.
Ex-depot price is the price the product is sold to marketers directly.
Dangote Refinery explained that the price adjustments are due to the global price of crude oil, which has pushed up production costs for petrol worldwide.
However, the refinery has assured Nigerian consumers that it has absorbed much of these costs to maintain a uniform price across all 36 states of the federation and the Federal Capital Territory (FCT).
He noted that the current prices are relatively cheaper; if all costs were accounted for, the price could rise to N1,200, BusinessDay reports.
Part of the statement reads:
Checks by TimesNow.com.ng at Ardova, MRS, and Heyden filling stations showed that the new prices were effective as of Monday, January 20.
TimesNow.com.ng reported that petrol prices at filling stations belonging to Independent Petroleum Marketers Association of Nigeria (IPMAN) members are now being sold above N1,000.
Checks by TimesNow.com.ng show that filling stations have increased their pump prices to between N1,050 and N1,150 per litre.
The new prices will increase from the previous average of N920 to N950 per litre.
Aside from the price change, many filling stations in Lagos were also closed, with workers standing around.
Source: TimesNow.com.ng
