In a statement issued on Friday, the refinery disclosed that the new pricing structure took effect from 5:30 pm the same day. Marketers purchasing between 2 million and 4.99 million litres will now pay N955 per litre, while those buying 5 million litres and above will pay a slightly reduced rate of N950 per litre.

The refinery set the new bulk purchase rate at N955 per litre for customers purchasing between two million and 4.99 million litres.

The price adjustment reflects a 6.17% increase, or N55.5 per litre, compared to the discounted rate of N899.50 per litre offered during December 2024’s holiday period.

The statement, titled “Communication on PMS Price Review,” outlined the changes:

• Previous Prices:
  • 2 million–9.99 million litres: N899.50 per litre
  • 10 million litres & above: N895 per litre
• New Prices:
  • 2 million–4.99 million litres: N955 per litre
  • 5 million litres & above: N950 per litre

The statement added that all stock balances yet to be lifted by the effective time would be repriced at the new rates. Customers are to expect updates on revised volumes in due course.

The price adjustment is expected to have significant implications for the downstream petroleum sector, affecting private depots and retail outlets.

The Minister of State for Petroleum Resources, Heineken Lokpobiri, recently said that petrol prices in Nigeria are now determined by crude oil prices in the international market. According to him, the federal government is no longer interested in fixing prices of petrol, but more concerned about the quality and availability of the products.