The Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, to N1,175 per litre, marking the third price adjustment within one week and raising concerns about further increases in the cost of goods and services across Nigeria.
The new price represents an increase of N180 from the N995 per litre announced just last Friday, translating to about 18.1 per cent growth within three days. The refinery also adjusted the gantry price of Automotive Gas Oil (diesel) to N1,620 per litre.
A senior official at the refinery confirmed the development on Monday, stating that the revised prices had already been communicated to marketers and depot operators nationwide.
According to the official, the adjustment was driven by ongoing volatility in the petroleum market and rising replacement costs.
“The market has been extremely volatile, and replacement costs have shifted significantly in recent days. These adjustments reflect prevailing market fundamentals and the cost environment we are currently operating in,” the official said.
Checks on the industry pricing platform PetroleumPrice.ng showed that the updated rates had already been reflected across depot pricing systems used by downstream marketers.
The latest adjustment comes hours after projections that petrol prices could rise again following the temporary suspension of petrol sales at the refinery earlier in the week.
Within a short period, gantry prices have moved sharply from N774 per litre to N995 and now N1,175, signaling a steep upward trend in fuel costs.
The development has already begun to affect pump prices across several states, where some filling stations now sell petrol for about N1,200 per litre or more.
Industry analysts warn that the increase could lead to a new wave of price hikes across the economy, as higher fuel costs often raise transportation, logistics, and production expenses for businesses.
The situation also highlights ongoing efforts by the Nigerian National Petroleum Company Limited to support domestic refining by helping the refinery secure crude oil supply through international traders.
However, experts caution that such interventions may not immediately lead to lower petrol prices for consumers, as Nigerians continue to face rising fuel costs amid broader economic pressures.
For many households and businesses, the latest increase adds to existing financial strain, with transportation fares, food prices, and other essential services expected to rise further in the coming weeks.
