Petrol pump price rises to N1,150 as marketers adjust meters

The price of Premium Motor Spirit, PMS, also known as petrol, has risen to N1,150 a litre as oil marketers continue to adjust their pumps after refinery price review. In its notice – Communication on PMS Price Review – to oil marketers, the Danggote Petroleum Refinery, said: “Kindly be advised that effective from 5:30 pm today (Friday), an upward adjustment has been implemented on the gantry price of Premium Motor Spirit. Quantity Previous Price (NGN/Litre): 2 million-9.99 million – N899.50; 10 million litres & above – N895.
“Quantity New Price (NGN/ Litre) 2 million – 4.99 million – N955; 5 million litres & above – N950. Please note that all stock balances yet to be lifted as of the above-stated time are to be repriced at the new reviewed prices. We shall communicate with customers on their revised volumes based on the reviewed prices, in due course.” However, checks on filling stations indicated that while private depots increased their depot prices to about N970 from more than N800 per litre, oil marketers also raised pump prices to between N1, 050 and N1,150 per litre, in Lagos and its environs.