Petrol prices in Nigeria have surged again as Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit (PMS) to ₦1,175 per litre, intensifying concerns over rising living costs nationwide.
The adjustment marks the third price increase in one week, following Friday’s announcement of ₦995 per litre, representing a ₦180 jump (18.1%) within three days. In addition, the refinery revised the gantry price of Automotive Gas Oil (diesel) to ₦1,620 per litre.
A senior official at Dangote Refinery confirmed the price hike to journalists but declined to be named, noting he was not authorised to speak publicly.
“Yes, the gantry prices have been adjusted. PMS is now ₦1,175 per litre while Automotive Gas Oil is ₦1,620 per litre,” he said.
The refinery attributed the revision to volatility in the global oil market and rising replacement costs. The official explained, “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.”
Industry checks on Petroleumprice.ng show that the new rates have already been updated across petroleum depot pricing systems used by downstream marketers. Analysts warn that retail petrol prices at filling stations, already exceeding ₦1,000 per litre in several states, could climb further, with some stations reportedly selling fuel at about ₦1,200 per litre.
The latest increase is expected to drive up transport fares, logistics costs, and production expenses for businesses, further straining households already grappling with economic pressures.
The price hike comes despite efforts by the Nigerian National Petroleum Company Limited (NNPCL) to secure crude supply for the Dangote refinery through third-party international traders, aimed at sustaining domestic refining operations amid supply constraints.
Officials, however, cautioned that these interventions may not immediately reduce petrol prices for consumers, as global crude oil volatility continues to influence domestic fuel costs.