Petrol prices in Nigeria have surged again after Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre, marking the third increase in just one week.
The price adjustment comes shortly after reports projected another upward review following a temporary halt of petrol sales at the refinery on Sunday. The new rate reflects an N180 jump from Friday’s N995 per litre, representing an 18% increase in three days.
Diesel, also known as Automotive Gas Oil (AGO), saw a corresponding hike, with its gantry price now set at N1,620 per litre.
A senior refinery official, speaking anonymously, confirmed that the new rates have been communicated to marketers and depot operators, citing volatile market conditions and rising replacement costs as the reason for the revision.
Industry checks indicate that the updated prices have already been reflected across petroleum depot pricing systems, suggesting that retail stations will adjust pump prices accordingly. Many outlets are now expected to sell petrol above N1,000 per litre, with some already dispensing it near N1,200 per litre, adding further strain on Nigerians’ cost of living.
The hikes are anticipated to trigger a chain reaction across the economy, as fuel price increases typically drive up transportation, logistics, and production costs. While the Federal Government, through the Nigerian National Petroleum Company, has sought to secure crude oil for Dangote Refinery via international traders, officials warned that such interventions may not immediately lower prices for consumers.
This latest increase underscores the ongoing challenges in Nigeria’s domestic fuel market, where supply, global crude costs, and operational factors continue to put upward pressure on petrol prices.