The Dangote Petroleum Refinery has communicated an upward adjustment in the price of Premium Motor Spirit, also known as petrol, to its customers.

The increment could be due to a consistent surge in the price of Brent, the global benchmark for crude.

In an email statement on Friday, the refinery announced that its refined products would now be priced at N955 per litre at the loading gantry, marking an adjustment in its pricing structure.

It noted that marketers buying between 2 million – 4.99 million litres will now buy at N955 per litre while 5 million litres & above will buy at N950 per litre.

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

This adjustment applies to all stock balances yet to be lifted by the stated time while pending stock as of the effective time will also be repriced at the updated rates.

The statement added that the new price regime will take effect from 5.30pm today Friday January 17, 2025.

The notice titled, “Communication on PMS Price Review” read, “Dear Esteemed Customer, Trust this email finds you well.

“Kindly be advised that effective from 5.30pm 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.”

Recall that on thursday, the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, disclosed that the price of crude oil in the international market remains a major force in driving the fluctuations in the pump prices of petrol.

He said the downstream sector is now fully deregulated with the government no longer involved in setting prices.