The Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,175 per litre, marking the third price hike within a week and raising concerns over a potential rise in the cost of goods and services across Nigeria.
The latest adjustment was announced to marketers on Monday, increasing the gantry price from N995 per litre announced on Friday, representing an increase of N180 or about 18.1 per cent within three days.
The refinery also revised the gantry price of Automotive Gas Oil, also known as diesel, to N1,620 per litre.
A senior refinery official, who spoke on condition of anonymity because he was not authorised to speak publicly, confirmed the new prices, noting that the changes had already been communicated to marketers and depot operators.
“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.
He explained that the adjustment was driven by volatility in the market and rising replacement costs in recent days.
Checks on the industry pricing platform petroleumprice.ng showed that the revised rates had already been updated across depot pricing systems, signalling a shift in the benchmark price used by downstream marketers.
The latest increase follows earlier adjustments that moved the gantry price from N774 to N995 per litre within the past week.
As a result, retail pump prices in several states now exceed N1,000 per litre, with some filling stations selling petrol for about N1,200 per litre, further intensifying economic pressure on consumers.
The development is expected to trigger fresh increases in pump prices nationwide, as higher fuel costs typically lead to increased transportation, logistics and production costs for businesses.
Meanwhile, the Nigerian National Petroleum Company Limited has been working to secure crude oil supply for the refinery through third-party international traders in a bid to sustain domestic refining operations.
However, officials say the intervention may not immediately lead to lower petrol prices for consumers as market conditions remain volatile.