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Olugbemi. Adeyinka Ogunleye
3 months ago
Overview
Petrol Pump Price Surges To ₦1,150 After Dangote Hike
The pump prices of Premium Motor Spirit, popularly called petrol, have risen to between N1,050 and N1,150/litre depending on the area of purchase, following the hike in the cost of the commodity by the Dangote Petroleum Refinery and various depot owners. 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 National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, earlier alluded to this when he pointed out that petrol prices might soon rise if the cost of crude oil continued to increase. “The crude price rose to $80 per barrel today (Thursday). Without exchange rate improvements, PMS prices will increase in the coming weeks,” Osifo stated in Lagos.
