The Dangote Petroleum Refinery has again increased the price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,175 per litre, marking the third price hike within one week.
The latest adjustment was communicated to fuel marketers on Monday, raising the refinery’s gantry price from N995 per litre announced on Friday. The new price represents an increase of N180, or about 18.1 per cent, within three days.
The refinery also revised the gantry price of Automotive Gas Oil (diesel) to N1,620 per litre, reflecting rising operational costs and volatility in the energy market.
A senior official at the refinery, who spoke on condition of anonymity because he was not authorised to comment publicly, confirmed the price adjustment.
“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 said.
According to the official, the increase is driven by fluctuations in the global energy market and the rising cost of replacing crude and refined products.
“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 source added.
Checks on the industry pricing platform petroleumprice.ng show that the revised rates have already been reflected across depot pricing systems, signalling a new benchmark price for downstream marketers.
The latest development means petrol prices have surged sharply within days, after gantry prices previously rose from N774 to N995 per litre. As a result, retail pump prices in several parts of Nigeria have now crossed N1,000 per litre, with some filling stations selling petrol for as high as N1,200 per litre.
The increase is expected to further push up the cost of goods and services nationwide, as higher fuel prices typically lead to increases in transportation, logistics, and production costs for businesses.
Meanwhile, the Nigerian National Petroleum Company Limited is reportedly working to secure crude oil supplies for the refinery through third-party international traders in an effort to sustain domestic refining operations.
However, industry officials warn that the intervention may not immediately translate into lower fuel prices for consumers, as Nigerians continue to grapple with rising energy costs following the latest adjustments by the $20bn Lekki-based refinery.
