BREAKING: Dangote Refinery increases petrol price to N1,175 per litre

The price of goods and services across Nigeria may climb further after the Dangote Petroleum Refinery increased the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre, marking the third price increase within one week.

The adjustment was announced to fuel marketers on Monday, coming just hours after The PUNCH reported that another price review could occur following the refinery’s temporary suspension of petrol sales on Sunday.

With the new adjustment, the gantry price of PMS jumped from N995 per litre announced on Friday to N1,175, representing a N180 increase or about 18.1 percent within three days.

The refinery also reviewed the gantry price of Automotive Gas Oil (diesel) upward to N1,620 per litre.

A senior refinery official, who spoke anonymously because he was not authorised to speak publicly, confirmed the development, noting that the new pricing 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 the petroleum industry pricing portal Petroleumprice.ng showed that depot pricing systems had already reflected the revised rates, indicating a change in the benchmark price used by downstream operators.

The latest hike represents the third petrol price increase in less than a week, after earlier adjustments pushed the gantry price from N774 to N995 per litre.

Consequently, pump prices have already crossed N1,000 per litre in several states, with some filling stations reportedly selling petrol at around N1,200 per litre, worsening the financial burden on Nigerians.

Industry observers say the increase could trigger another round of price adjustments nationwide, as higher fuel costs usually lead to increased transportation, logistics, and production expenses for businesses.

The development also comes amid efforts by the Nigerian National Petroleum Company Limited to secure crude oil supplies for the Dangote refinery through international third-party traders to sustain local refining.

However, officials caution that the intervention may not immediately lead to lower petrol prices, as Nigerians continue to struggle with the rising cost of fuel following recent price adjustments by the $20bn Lekki-based refinery.