Private oil depots have raised the price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦900 per litre, up from over ₦890 per litre, due to rising crude oil prices and global market factors.
Ghetto News checks over the weekend revealed that depots such as Rainoil, Prudent, A.Y.M Shafa, and Mainland are now selling at ₦900 per litre. This increase suggests that petrol pump prices at filling stations may soon be adjusted upwards.
The price of crude oil, a key refining feedstock, surged from $70 to $75 per barrel, adding to refinery costs, including those of the 650,000-barrel-per-day Dangote Refinery. MEMAN’s daily energy bulleti1n on March 26, 2025, reported a price jump from ₦797 per litre last week to ₦885 this week.
Vanguard’s findings indicate that the Dangote Refinery did not load trucks over the weekend under the Naira-for-Crude programme. However, ship-based lifting at dollar rates continued, as a significant portion of its crude supply is still sourced in dollars.
Similarly, MEMAN reports that the landing cost of imported petrol has surged by ₦88 per litre within a week.
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