Former Kaduna Central Senator, Shehu Sani, has expressed concern over the recent hike in Premium Motor Spirit (PMS) prices by the Dangote Petroleum Refinery. This increase has sparked disappointment among Nigerians who had expected the refinery to reduce fuel costs.
In a statement released on Friday, the Dangote Refinery confirmed that petrol prices had been adjusted upward. Marketers purchasing between two million and 4.99 million liters will now pay N955 per liter, while those buying five million liters or more will pay N950 per liter. These rates represent a 6.17% increase from the N899.50 per liter holiday discount announced last December.
The refinery clarified that the adjustment applied to all stock balances yet to be lifted by the effective time, with pending stock also repriced at the updated rates. The new pricing structure took effect from 5:30 pm on Friday. Dealers further indicated that rising crude oil prices, a major input in fuel production, have contributed to the ongoing price increases.
Reacting to the development, Shehu Sani took to his X (formerly Twitter) handle to express his dismay. He noted that Nigerians had high hopes that the Dangote Refinery would help lower fuel prices, only to be faced with a price hike. He described the increase as “baffling,” reflecting the sentiment of many Nigerians.
Retail petrol prices have now climbed to between N1,050 and N1,150 per liter, depending on the location of purchase. This surge comes amid ongoing economic challenges and raises concerns about the affordability of fuel for everyday Nigerians.
