Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre, marking the third petrol price hike within a week and raising concerns about further increases in the cost of goods and services across Nigeria.
The latest adjustment was communicated to fuel marketers on Monday, with the refinery raising the ex-depot price from N995 per litre announced on Friday to N1,175 per litre, representing an increase of N180 or about 18 percent within three days.
The refinery also revised the gantry price of Automotive Gas Oil (diesel) to N1,620 per litre.
Volatile market conditions
A senior official at the refinery confirmed the development, explaining that the adjustment reflects the current volatility in the petroleum market and rising replacement costs.
“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.
“The market has been extremely volatile, and replacement costs have shifted significantly in recent days. These adjustments reflect prevailing market conditions and operational costs.”
Industry checks on the petroleum pricing platform petroleumprice.ng also showed that the new rates had already been updated across depot pricing systems used by downstream marketers.
Third hike in one week
The new price represents the third upward revision in petrol prices within a week, after earlier increases pushed gantry prices from N774 per litre to N995 per litre.
As a result, retail pump prices in several states have already crossed N1,000 per litre, with some filling stations reportedly selling petrol at about N1,200 per litre.
Analysts warn that the latest increase is likely to trigger another round of price adjustments at filling stations nationwide, potentially driving up transportation costs, logistics expenses and overall inflation.
Pressure on consumers
The price surge comes as Nigerians continue to grapple with rising living costs following recent fuel price increases linked to supply dynamics and market liberalisation in the downstream sector.
The development also comes amid efforts by the Nigerian National Petroleum Company Limited to secure crude oil supply for the refinery through international traders to support domestic refining.
However, industry insiders say such interventions may not immediately translate into lower pump prices for consumers, especially as global market conditions and supply costs remain volatile.
The $20 billion refinery, located in Lekki, remains a key player in Nigeria’s fuel supply chain, meaning any adjustment in its pricing structure often has a direct ripple effect on petrol prices nationwide.
