Former Kaduna Central Senator, Shehu Sani, has decried the hike in the price of Premium Motor Spirit, also known as petrol, by Dangote Petroleum Refinery.
DECENCY GLOBAL NEWS reports that Dangote Refinery had, in a statement on Friday, confirmed an increase in the price of petrol to its customers.
The refinery said marketers buying between two million and 4.99 million litres would now buy at N955/litre, while five million litres and above would buy at N950/litre at the loading gantry.
The amount marks an increase of N55.5 or 6.17 per cent from N899.50/litre announced as a holiday discount for Nigerians last December.
This adjustment applies 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 statement added that the new price regime took effect from 5:30 pm on Friday.
Dealers confirmed that PMS prices would continue to rise since the major component in fuel production, crude oil, has been on the upward swing lately.
The adjustment has led to a retail price hike, with petrol now selling for between N1,050 and N1,150/litre, depending on the area of purchase.
Reacting to the development in a post on his X handle on Saturday, Sani said Nigerians expected that the Dangote refinery would crash the price of fuel.
The former lawmaker expressed disappointment at the price hike by the refinery, stressing that the increase was baffling.
He wrote, “The expectation was that Dangote Refinery will crash the price of petrol; the news that it’s increasing is baffling.”
