The Dangote Refinery has confirmed an increase in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N899 to N955 per liter. This adjustment, effective immediately, was attributed to the significant surge in global crude oil prices, according to a statement released by the refinery.
Thank you for reading this post, don't forget to subscribe!Naija247news gathered that the refinery emphasized that the price hike was a necessary measure to reflect the rising costs of crude oil in the international market. The company stated that it had absorbed a portion of the increased costs, but the adjustment was unavoidable due to the prevailing global economic conditions.
According to Naija247news, the refinery assured the public that it remains committed to ensuring the availability of quality fuel products at competitive prices while navigating the challenges posed by fluctuating global oil markets.
Naija247news understands that the price increase is expected to have a ripple effect on the pump price of petrol across the country, potentially leading to higher transportation costs and impacting the prices of goods and services.
Naija247news reports that this development comes amidst concerns about the rising cost of living in Nigeria, and the impact of the fuel price hike on the Nigerian economy remains to be seen.
