The retail price of Premium Motor Spirit, petrol, has increased to between N1030 and N1,150 per litre following a hike by Dangote Refinery and ex-depot prices of the product.
On Friday, IgbereTV reported that the $20 billion Dangote Refinery announced a fresh ex-depot price hike from N899 per litre to N955 per litre.
According to 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.
Dangote Refinery’s petrol price increase had sparked different degrees of retail price adjustment across filling stations.
The 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
