
by afolabi yusuf
In reaction to rising crude oil prices worldwide, Dangote Petroleum Refinery has announced an increase in the price of its Premium Motor Spirit (PMS), also known as gasoline.
The announcement states that bulk purchasers who purchase five million liters or more will now pay N950 per liter.
In comparison to the discounted cost of N899.50 per litre offered during the holiday period in December 2024, this price adjustment represents a 6.17% increase, or N55.5 per litre.
According to the announcement, all unsold stock balances and pending orders will be impacted by the revised rates, which are
some smart filling stations increased their pricing, and many drivers and other consumers hurried to purchase the product from filling stations in Lagos and the surrounding areas.
In the meantime, refiners now pay more for crude oil than they did previously, as the price of crude oil, including Nigeria’s Bonny Light, increased 5.1% to $82 per barrel yesterday from $78 per barrel on the world market.
Speaking at the Petroleum Industry Stakeholders Forum’s (PISF) inaugural meeting in Abuja, Lokpobiri pointed out that the downstream industry is now completely deregulated and that the government is no longer involved in determining prices.
The government’s stance came after depot owners recently raised the price of gasoline from N909 to N970 per litre, which stoked concerns that the price at filling stations might go to more over N1,000 per liter.
The Minister is emphasizing the importance of quality control and the proper dispensation of fuel at retail stations in Nigeria. They highlight the government’s commitment to ensuring that consumers get the exact quantity they pay for, without being short-changed. The discussion with the Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) underscores the need for accountability in fuel sales. The Minister also mentions that competition in the market helps prevent queues, providing consumers with choices and greater convenience.
Furthermore, the Minister introduces the Petroleum Industry Stakeholders Forum (PISF), which is modeled after the Bankers’ Committee meetings. The PISF will provide a platform for industry leaders to discuss and resolve issues within the oil and gas sector in a collaborative manner.
Mr. Huub Stockman, Chairman of the Major Energy Marketers Association of Nigeria (MEMAN), provided insight into the relationship between crude oil prices and petrol pump prices. He explained that while there is generally a correlation between the price of crude oil and the prices of products derived from it, the
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