Dangote refinery’s recent hike in its cost of the product has stirred a fresh controversy in the polity amid harsh economic realitiesDangote announced on Friday that petrol price will increase from N909 to N950 to N955, effective from January 17Shehu Sani and other Nigerians have shared their takes on the hike as Dangote Refinery defended its latest decision
Henzodaily.ng journalist Esther Odili has over two years of experience covering political parties and movements.
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.
Shehu Sani reacts as Dangote Refinery announces new petrol price.
Photo credit: Hollie Adams/Bloomberg via Getty Images, Shehu Sani
Source: Getty Images
Shehu Sani: Dangote Refinery was expected to crash petrol price
In a post shared on his X page on Saturday, January 18, Shehu Sani said Nigerians expected that the Dangote refinery would crash the price of fuel.
The former senator expressed disappointment at the price hike by the refinery, stressing that the increase was baffling.
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Fuel prices set to rise as Dangote Refinery increases cost to N955/litre
Shehu Sani tweeted:
“The expectation was that Dangote Refinery will crash the price of petrol; the news that it’s increasing is baffling.”
Nigerians react to Shehu Sani’s statement on new fuel price
Henzodaily.ng compiled a few reactions from the comment section on X below:
@EmodiMba tweeted:
“How’s it Dangote fault Most Distinguished, take away 1966 coup, Dangote would’ve sold fuel 10 naira per liter.
“Lets be guided please.”
@CharlesIgwe14 tweeted:
“Economics will always come up with reasons for price increase.”
@CroBender tweeted:
“NNPC will address the illegal price at the filing station.”
@Jacbillions tweeted:
“As he ever crashed any product before?”
@GlobalEcoRes tweeted:
“Dangote cannot sell below his production cost.”
Dangote Refinery increases cost to N955/litre
Henzodaily.ng reported that fuel pump prices are set to rise as the Dangote Petroleum Refinery announced an increase in the bulk price of the product on Friday, January 17.
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Marketers abandon other fuel for Dangote’s as depot owners increase price
Premium Motor Spirit (PMS), also commonly known as petrol, will sell at N955/litre for marketers buying between 2 million to 4.99 million litres, while those buying above 5 million litres will buy at a unit price of N950/litre.
Vanguard reported that that the company stated on Friday that rising global crude oil prices necessitated the price increase.
This price adjustment marks a 6.17% increase, translating to an additional N55.5 per litre compared to the previous discounted rate of N899.50 per litre offered during the December 2024 holiday season.
New prices take effect
In the notice titled “Communication on PMS Price Review,” the company stated that the new pricing would take effect by 5:30 PM on Friday, January 17, 2025.
Read more about fuel prices, Dangote Refinery here:
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Oil marketers abandon private depots, shift to buy at Dangote Refinery at cheaper prices
Depot owners increase fuel price
In related news, Henzodaily.ng recently reported that oil marketers might move camp to buy from the Dangote Petroleum refinery as the depot owners increased the ex-depot price from N909 to N950 per litre.
Since December, the refinery has sold at a price of N909 per litre but with a minimum order volume of two million litres. The marketers were planning to pool orders together to be eligible to purchase directly from Dangote Refinery.
They were following the footsteps of MRS, Ardova Plc and Heyden that recently entered Bulk Purchase Agreements with the refinery.
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Source: Henzodaily.ng