Former Kaduna Central Senator, Shehu Sani, has expressed his disappointment over the recent hike in the price of Premium Motor Spirit (PMS) by Dangote Refinery, a move that has drawn widespread criticism.
Sani’s reaction, shared on his social media platform on Saturday, highlighted the dismay many Nigerians feel regarding the refinery’s pricing decisions.
In his post on X (formerly Twitter), Sani wrote: “The expectation was that Dangote Refinery will crash the price of petrol; the news that it’s increasing is baffling.”
On Friday, Dangote Petroleum Refinery confirmed the price adjustment in a notice to its customers.
The announcement stated that refined PMS would now be sold at N955 per litre at the loading gantry for marketers purchasing between 2 million and 4.99 million litres. For larger purchases of 5 million litres or more, the price is slightly reduced to N950 per litre.
This represents a 6.17% increase from the previous rate of N899.50 per litre, which had been fixed in December. The notice read: “Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.”
The price hike has led to a corresponding increase in the retail cost of petrol, which now ranges from N1,030 to N1,050 per litre. This development has further strained consumers who are already grappling with high living costs and economic pressures.
The Dangote Refinery, commissioned in 2023, had been widely anticipated to be a game-changer in the Nigerian petroleum sector. Many Nigerians expected the facility to help reduce the country’s reliance on imported fuel and significantly lower fuel prices.
READ ALSO: Shehu Sani: Bandits serve as fronts for larger, invisible forces
However, the latest price adjustment has left consumers disappointed, with critics questioning the refinery’s capacity to deliver on its promise of affordability. The increase has also reignited debates about deregulation, subsidy removal, and the need for competitive pricing in the downstream sector.
Sani’s statement has resonated with many Nigerians, who have taken to social media to express their frustrations. Citizens have decried the refinery’s pricing as counterproductive, especially in light of the significant investment and hope placed in the facility.
While the refinery has not provided detailed reasons for the price hike, industry experts speculate that factors such as rising production costs, global oil market fluctuations, and supply chain challenges may be influencing the decision. However, calls for greater transparency and accountability in pricing mechanisms have intensified.
The controversy surrounding the price hike underscores the complexities of Nigeria’s energy sector and the challenges of transitioning to self-sufficiency in fuel production.
For many, the hope remains that the Dangote Refinery will eventually fulfill its promise of reducing fuel costs and alleviating the financial burden on Nigerians.