The cost of goods and services across Nigeria may increase further after the Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre.
The increase marks the third rise in petrol prices within one week, raising concerns about the rising cost of living in the country.
The refinery informed marketers about the new price on Monday. The gantry price was increased from N995 per litre, which was announced on Friday, to N1,175 per litre. This represents an increase of N180, or about 18.1 percent, within three days.
The refinery also adjusted the gantry price of Automotive Gas Oil, also known as diesel, to N1,620 per litre.
A senior official at the refinery confirmed the development to journalists but did not allow his name to be mentioned because he was not authorised to speak publicly.
“Yes, the gantry prices have been adjusted. PMS is now N1,175 per litre while Automotive Gas Oil is N1,620 per litre,” the official told The PUNCH.
The refinery said the new price increase was caused by instability in the global oil market and the rising cost of replacing fuel supplies.
According to the official, the present market situation has forced operators to adjust prices based on current conditions.
“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,” he explained.
Checks on the industry pricing platform Petroleumprice.ng showed that the new prices have already been reflected on petroleum depot pricing systems used by downstream marketers.
The latest increase is expected to lead to another round of price hikes at filling stations across the country.
In several states, retail petrol prices have already risen above N1,000 per litre, while some filling stations are reportedly selling fuel at about N1,200 per litre.
Analysts say the development could increase economic pressure on households because higher fuel prices usually lead to higher transport fares, logistics costs and production expenses for businesses.
The increase also comes despite efforts by the Nigerian National Petroleum Company Limited to secure crude oil supply for the Dangote refinery through third-party international traders.
The move is intended to support local refining operations amid supply challenges.
However, officials warned that the intervention may not immediately reduce petrol prices for consumers, as Nigerians continue to face rising fuel costs linked to global crude oil market changes and other market factors.
