Fuel costs across Nigeria may climb again after the Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit (PMS), also known as petrol, to N1,175 per litre.
The new rate, communicated to marketers on Monday, represents an increase of N180 from the N995 per litre price announced on Friday. The adjustment marks the third upward review of petrol prices by the refinery within a week.
The refinery also revised the gantry price of Automotive Gas Oil (AGO), commonly referred to as diesel, to N1,620 per litre.
A senior official of the refinery confirmed the development, noting that the updated prices had already been transmitted to marketers and depot operators.
“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 source, the adjustment reflects the volatility in the petroleum market and the rising cost of replacing 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 official added.
Industry checks on petroleumprice.ng indicated that the revised prices had already been reflected across depot pricing platforms used by downstream operators, suggesting that the new rate is now the benchmark for petroleum marketers.
The latest increase follows earlier price adjustments within the past week that saw petrol prices rise from N774 per litre to N995 before Monday’s hike.
With the new pricing, analysts expect retail pump prices in several states to climb further, as marketers typically pass on higher depot costs to consumers.
In many parts of the country, petrol already sells for more than N1,000 per litre, with some filling stations reportedly dispensing the product at about N1,200 per litre.
Economists warn that rising fuel costs could trigger another round of increases in transportation fares, logistics expenses and the prices of goods and services, potentially worsening the cost-of-living pressures on Nigerians.
The development comes amid efforts by the Nigerian National Petroleum Company Limited and the federal government to maintain crude oil supply to the refinery through international trading partners.
The arrangement is intended to sustain operations at the $20 billion facility and strengthen domestic refining capacity.
However, industry observers say the intervention may not immediately ease fuel prices for consumers, as market forces and operational costs continue to influence the pricing of petroleum products.
With the latest hike, Nigerians face the prospect of higher transport and commodity prices as the ripple effects spread through the broader economy.
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