The price of Premium Motor Spirit has been increased across filing stations in Lagos after Dangote Petroleum Refinery hiked the price of PMS at ex-depot.
The Dangote Refinery had on Friday increased the ex-depot petrol price from N825 to N880, an increment of N55.
Following the move, members of the Major Energy Marketers Association of Nigeria, Independent Marketers Association of Nigeria, and Petroleum Products Retail Outlets Owners Association of Nigeria have all adjusting their meters.
The Nigerian National Petroleum Company (NNPC) Limited retail outlets have also increased their meters from N870 to N910.
According to the Sun, Dangote’s partners, including MRS, Ardova, Heyden have also followed the trend.
Reports suggested that even at N880 per litre ex-depot price, Dangote Refinery was still the cheapest.
According to the Punch Newspaper, the hike comes “despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97” on Friday.
The outlet noted that the “decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions”.
