Dangote refinery raises petrol price from N899 to N955 per litre

The Dangote Refinery has increased the price of petrol from N899 to N955/litre for bulk buyers. Just yesterday Heineken Lokpobiri, the Minister of State for Petroleum Resources, said that petrol prices in Nigeria are now determined by crude oil prices abroad. He stressed that prices of petrol prices were no longer fixed by the federal government, but by prices of crude oil abroad. Lokpobiri said the federal government was no longer interested in fixing prices of petrol, but more concerned about the quality and availability of the products. However, Dangote refinery announced the new development in a statement on Friday.
It said its refined products would now be priced at N955 per litre at the loading gantry. The refinery said marketers buying between two million to 4.99 million litres would now buy at N955 per litre, while those buying five million litres and above would buy at N950 per litre. It said the price adjustment applied 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 company said the new price regime would 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 said.