Shehu Sani Reacts to Dangote Refinery Fuel Price Adjustment

Former Kaduna Central Senator Shehu Sani has expressed concerns over the recent increase in petrol prices by Dangote Refinery. On Saturday, Sani remarked that the development was unexpected, as many Nigerians had hoped the refinery’s operations would lead to reduced fuel costs.

Posting on X, Sani stated: “The expectation was that Dangote Refinery will crash the price of petrol; the news that it’s increasing is baffling.”

The announcement from Dangote Petroleum Refinery came on Friday, informing clients of an upward adjustment in the price of Premium Motor Spirit (PMS). The refinery’s loading gantry price was set at N955 per litre for marketers purchasing between 2 million and 4.99 million litres, while those buying 5 million litres or more would pay N950 per litre.

This represents an increase of N55.5 or 6.17% from the fixed price of N899.50 per litre, which was established in December of the previous year.

According to the notice issued by the refinery: “Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.”

Following the price adjustment, the retail cost of petrol reportedly rose to between N1,030 and N1,050 per litre, sparking discussions about the potential impact on consumers and the broader economy.

The development has garnered attention from stakeholders and the general public, with many calling for clarity on the factors driving the price hike.