The cost of goods and services across Nigeria is expected to rise further following a fresh increase in petrol prices after the Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre.
The latest adjustment marks the third upward review within a week and follows a temporary suspension of petrol sales at the refinery on Sunday.
In a notice to marketers on Monday, the refinery increased the gantry price of PMS to N1,175 per litre 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 (AGO), commonly known as diesel, to N1,620 per litre.
A senior official of the refinery, who spoke on condition of anonymity because he was not authorised to comment publicly, confirmed the price adjustment, stating that the new rates had already been communicated 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.
“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.”
Checks on petroleum industry pricing platforms showed that the revised rates had already been updated across depot pricing systems, indicating a shift in the benchmark price used by downstream marketers.
The latest increase follows earlier adjustments that pushed gantry prices from N774 to N995 per litre within the same week.
As a result, retail pump prices in several states have now exceeded N1,000 per litre, with some filling stations selling petrol for as high as N1,200 per litre, further intensifying economic pressure on Nigerians.
The new hike is expected to trigger another round of increases at filling stations nationwide, as higher fuel costs typically translate into increased transportation, logistics and production costs for businesses.
It also comes amid efforts by the Federal Government, through the Nigerian National Petroleum Company Limited, to secure crude oil supply for the Dangote Petroleum Refinery through third-party international traders in order to sustain domestic refining operations.
However, officials have warned that the intervention may not immediately result in lower petrol prices for consumers, as Nigerians continue to grapple with rising fuel costs.