Petrol Pump Price Surges To N1,150 After Dangote Hike

• The pump price of petrol has surged to between N1,050 and N1,150 per litre.

• The refinery increased its PMS price from N899/litre to N955/litre at its loading gantry.

• Oil marketers project that the retail cost of petrol could hit N1,100/litre in Lagos and neighbouring states.

The pump price of petrol has surged to between N1,050 and N1,150 per litre following a hike in the cost of the commodity by the Dangote Petroleum Refinery.

The refinery increased its PMS price from N899/litre to N955/litre at its loading gantry, citing the increase in Brent crude oil prices.

According to a statement by the refinery, the new price regime took effect from 5:30 pm on Friday.

The statement read, “Dear esteemed customer, Trust this email finds you well. Kindly be advised that effective from 5:30 pm today (Friday), an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.”

READ ALSO: IPMAN Debunks Rumours Of Nationwide Petrol Price Hike

The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, projected that the retail cost of petrol could hit N1,100/litre in Lagos and neighbouring states, and N1,150/litre in the Federal Capital Territory.

Ukadike said, “Yes, Dangote has increased its price to N955. This is only because of the increase in Brent crude. Once it increases, the domestic production cost will also increase.”

Dangote Refinery’s Petrol Production Impacts European Market – OPEC

The Organisation of the Petroleum Exporting Countries (OPEC) has reported that the Dangote Petroleum Refinery’s efforts to ramp up petrol production are impacting the European petrol market.

According to OPEC, the refinery’s petrol exports to the international market will likely weigh further on the European gasoline market.

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