Dangote Petroleum Refinery has announced an upward review of its Premium Motor Spirit (PMS) prices, commonly referred to as petrol, in response to escalating global crude oil prices.

The refinery announced the new pricing structure in a statement. According to the statement, bulk buyers acquiring 5 million litres or more will now pay N950 per litre.

The new bulk purchase rate is N955 per litre for customers purchasing between 2 million and 4.99 million litres.

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

The statement added that the new rates will take effect at 5:30 PM today and will impact all unsold stock balances and pending orders.

In a notice titled “Communication on PMS Price Review,” the refinery informed its customers of the price revision, blaming rising global oil prices.