By John Egbokhan
The pump price of Premium Motor Spirit, petrol, has risen to between N1030 and N1,150 per litre following a hike by Dangote Refinery and ex-depot prices of the product.
Recall that onr Friday, TMY Newspaper reported that Dangote Refinery announced a fresh ex-depot price hike from N899 per litre to N955 per litre.
In an email sent to its customers, Dangote Refinery confirmed the new price regime, noting that marketers buying between two million and 4.99 million litres would now buy at N955/litre, while five million litres and above would buy at N950/litre.
This represents a N55 or 6.17 percent petrol price increase from N899.50/litre announced as a holiday discount for Nigerians last December.
The increase in the price of Dangote Refinery’s petrol had ignited different degrees of retail price adjustment across filling stations.
Spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed that the product may sell above N1,100 per litre across members’ filling stations nationwide.
“Commuters will likely pay over N1,150 per litre at faraway locations, while locations close to the depot will pay N1,100. This is because we will add about N50 logistics costs. Currently, ex-depot prices have increased to N980.
“This change is immediate because crude oil price increase, too, is immediate,” he stated.
