The Dangote Petroleum Refinery has carried out an upward review of the price of petrol from N899 to N955/litre for bulk buyers.
This follows the recent consistent surge in the price of Brent, the global benchmark for crude oil.
Dangote Refinery said in a statement on Friday, that its refined products would now be priced at N955 per litre at the loading gantry.
According to the statement, marketers buying between 2 million – 4.99 million litres will now buy at N955 per litre while those buying 5 million litres and 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.
The adjustment, the firm explained, 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 5:30PM on Friday.
“We shall communicate with customers on their revised volumes based on the reviewed prices, in due course,” it added.
Meanwhile, the Dangote Refinery plans to import more crude oil as supply from the Nigerian National Petroleum Company (NNPC) Limited becomes insufficient for fuel production at the $20bn Lekki-based facility.
According to plant officials, the facility has ramped up production to about 500,000 barrels per day, with the target of hitting the 650,000bpd mark by June this year.
They said while the naira-for-crude deal is still on as directed by President Bola Tinubu, the facility will have to import more crude to meet its target.
