The $20 billion Dangote Refinery had on Friday announced a fresh ex-depot price hike from N899 per litre to N955 per litre.
The petroleum company in an email sent to its customers confirmed the new price regime.
In the email, Dangote Refinery stated 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.
The increment translates to a N55 or 6.17 percent petrol price increase from N899.50/litre announced as a holiday discount for Nigerians in December, 2024.
Reacting to the latest hike in petrol price, sspokesperson 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.
“Commuters will likely pay over N1,150 per litre at faraway locations, while locations close to the depot will pay N1,100,” he stated.
On his part, president of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, observed that it is too early to project petrol retail price after Dangote Refinery’s upward price review.
He, however, expressed the believe that the commodity would certainly cost more.
