){kind=link}
Petrol prices in Nigeria are set to climb further after the Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre, marking the third price increase within a week.
The adjustment was communicated to fuel marketers on Monday, coming just hours after reports indicated that another hike was likely following the refinery’s temporary suspension of petrol sales on Sunday.
Under the new pricing structure, the gantry price of petrol rose from **N995 per litre, which was announced on Friday, representing an increase of N180, or about 18.1 per cent, in just three days.
The refinery also revised the price of Automotive Gas Oil (diesel) to N1,620 per litre.
A senior official at the refinery, who spoke anonymously because he was not authorised to address the media, confirmed that the revised prices had already been shared with marketers and depot operators.
According to the official, the adjustment was driven by fluctuating market conditions and rising replacement costs.
“The market has been extremely volatile, and replacement costs have changed significantly in recent days. The new prices reflect the current market realities and the operational cost environment,” the source explained.
Industry data from the petroleum pricing platform also showed that the updated rates have already been reflected across depot pricing systems, indicating that downstream marketers are beginning to adjust to the new benchmark.
This latest increase follows earlier adjustments that pushed the gantry price from N774 to N995 per litre within the same week.
As a result, retail petrol prices at filling stations across several states have already crossed N1,000 per litre, with some outlets reportedly selling fuel for around N1,200 per litre, adding to the financial strain on consumers.
Analysts say the new hike could trigger another round of price increases nationwide, as rising fuel costs typically lead to higher transportation, logistics, and production expenses for businesses.
The development also comes despite efforts by the Nigerian National Petroleum Company Limited to secure crude oil supplies for the refinery through international traders to support domestic refining operations.
However, officials say that even with these interventions, Nigerians may not see an immediate drop in petrol prices as market conditions remain unstable.