Sunday, February 9, 2025
More

    Latest Posts

    Cracks in Tinubu’s dynasty as president locks horn with Lagos lawmakers, GAC over Obasa

    The removal of the embattled lawmaker, Mudasiru Obasa, as Speaker of the Lagos State House of Assembly, has created cracks in President Bola Tinubu’s...

    IPOB lawyer slams Anambra native doctor’s arrest

    A human rights lawyer and counsel for Indigenous People of Biafra, Ifeanyi Ejiofor, has criticised the Anambra State Government for the arrest of a...

    A family member cast a spell on him to misbehave – Portable’s sister begs Ogun govt

    According to the singer's elder sister, Gbemisola, controversial Nigerian singer Habeed Okikiola, aka Portable, is under a family member’s spiritual influence, which causes him...

    SERAP sues Tinubu over unexecuted N167bn projects

    The Socio-Economic Rights and Accountability Project has taken legal action against President Bola Tinubu over his alleged failure to prosecute contractors who received over...

    Dangote raises petrol prices to N955 from N899/litre for bulk buyers

    Sequel to a consistent surge in the price of Brent, the global benchmark for crude, the Dangote Petroleum Refinery has communicated an upward adjustment in the price of Premium Motor Spirit, also known as petrol, to its customers.

    In an email statement obtained by our Correspondent on Friday, the refinery announced that its refined products would now be priced at N955 per litre at the loading gantry, marking an adjustment in its pricing structure.

    It noted that marketers buying between 2 million – 4.99 million litres will now buy at N955 per litre while 5 million litres & above will buy at N950 per litre.

    The amount marks an increase of N55.5 or 6.17 per cent from N899.50 per litre announced as a holiday discount for Nigerians last year December.

    This adjustment applies to all stock balances yet to be lifted by the stated time while pending stock as of the effective time will also be repriced at the updated rates.

    The statement added that the new price regime will take effect from 5:30 PM, today.

    The notice titled, “Communication on PMS Price Review” read, “Dear Esteemed Customer, Trust this email finds you well.

    “Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.

    Quantity

    Previous Price (NGN/Litre)

    2 million-9.99 million -N899.50

    10 million Litres & Above N895

    New Price (NGN/ Litre)

    2 million – 4.99 million N955

    5 million Litres & Above N950

    “Please note that all stock balances yet to be lifted as at the above-stated time are to be repriced at the new reviewed prices.

    “We shall communicate with customers on their revised volumes based on the reviewed prices, in due course.”

    The price increase is expected to have widespread effects on the downstream petroleum sector, particularly private depots and retail markets.

    An oil and gas expert, Olatide Jeremiah, said depots are poised to increase the loading price of refined petroleum products because of the heavy influence of the refinery.

    Jeremiah, who is the Chief Executive Officer of petroleum price.ng, said, “Dangote Refinery’s influence on Fuel price has become unmatched; private depots, Major marketers, and independent Marketers will compete with this new price. Therefore, Nigerians should expect an increase in Petrol Pump Price.

    “Brent Crude oil as of today is $81.84, highest in 2025, its one major factor for the increase.”

    On Thursday, the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, disclosed that the price of crude oil in the international market remains a major force in driving the fluctuations in the pump prices of petrol.

    He said the downstream sector is now fully deregulated with the government no longer involved in setting prices.

    Latest Posts

    Cracks in Tinubu’s dynasty as president locks horn with Lagos lawmakers, GAC over Obasa

    The removal of the embattled lawmaker, Mudasiru Obasa, as Speaker of the Lagos State House of Assembly, has created cracks in President Bola Tinubu’s...

    IPOB lawyer slams Anambra native doctor’s arrest

    A human rights lawyer and counsel for Indigenous People of Biafra, Ifeanyi Ejiofor, has criticised the Anambra State Government for the arrest of a...

    A family member cast a spell on him to misbehave – Portable’s sister begs Ogun govt

    According to the singer's elder sister, Gbemisola, controversial Nigerian singer Habeed Okikiola, aka Portable, is under a family member’s spiritual influence, which causes him...

    SERAP sues Tinubu over unexecuted N167bn projects

    The Socio-Economic Rights and Accountability Project has taken legal action against President Bola Tinubu over his alleged failure to prosecute contractors who received over...

    Don't Miss

    Ex-German president Horst Koehler dies at 81

    A former President of Germany, Horst Koehler, who served as head of state from 2004 to 2010, is dead. Koehler died on Saturday at the...

    PDP govs back Ude-Okoye as National Secretary, demand NEC March 13

    The camp of former Rivers State governor, Nyesom Wike, in the Peoples Democratic Party may have fractured as state governors, including Oyo State’s Seyi...

    Marriage is not a do-or-die affair – Veteran actor, Chiwetalu Agu

    Veteran Nollywood actor, Chiwetalu Agu, has issued words of advice to singles looking to get married. The popular movie star, in a new video sighted...

    Four feared dead, others injured as driver rams into soldiers in Lagos

    Four soldiers attached to the Myoung Barracks in the Morocco area of Shomolu in Lagos are feared dead, and others were injured after a...

    Matawalle slams Amaechi’s ‘reckless’ claim that politicians kill for power

    The Minister of State for Defence, Bello Matawalle, has criticised the former Minister of Transportation, Rotimi Amaechi, over his recent comment that Nigerian politicians...

    Stay in touch

    To be updated with all the latest news, offers and special announcements.