Fuel pump prices are set to rise as the Dangote Petroleum Refinery has announced an increase in the bulk price of the product.
In an official statement issued on Friday, the refinery disclosed that the new pricing structure takes effect from 5:30 pm the same day. Marketers purchasing between 2 million and 4.99 million litres will now pay N955 per litre, while those buying 5 million litres and above will pay a slightly reduced rate of N950 per litre.
This adjustment represents a 6.17% increase compared to the N899.50 per litre holiday discount offered last December.
The statement, titled “Communication on PMS Price Review,” outlined the changes:
- Previous Prices: 2 million–9.99 million litres: N899.50 per litre; 10 million litres & above: N895 per litre
- New Prices: 2 million–4.99 million litres: N955 per litre; 5 million litres & above: N950 per litre
It further stated that all stock balances that have not been lifted by the appropriate time would be repriced at the new rates. Customers can expect updates on revised volumes in due course.
The hike will significantly affect the downstream petroleum sector, including private depots and retail outlets.
