Dangote Petroleum Refinery has announced an increase in the price of Premium Motor Spirit (PMS), commonly referred to as petrol, citing the impact of rising global crude oil prices.

In a statement released on Friday, the refinery disclosed that the bulk purchase price for customers buying between 2 million and 4.99 million litres will now be N955 per litre. For bulk buyers purchasing 5 million litres or more, the price has been set at N950 per litre.

This adjustment reflects a 6.17% increase, or N55.5 per litre, compared to the discounted rate of N899.50 per litre offered during the December 2024 holiday period.

The new pricing structure will take effect at 5:30 PM today and will apply to all unsold stock and pending orders, according to the refinery’s statement.

In a notice titled “Communication on PMS Price Review,” the refinery explained that the price hike was necessitated by escalating global oil prices.