The Dangote petroleum refinery on Monday, March 9, raised the gantry price of Premium Motor Spirit (PMS) also know as petrol to N1,175 per litre, marking the third upward adjustment within a week.
The cost of goods and services across Nigeria is expected to rise further following the latest increase in petrol prices.
The latest price revision comes hours after it was projected that petrol prices could surge for the third time within a week, following the temporary suspension of petrol sales at the refinery on Sunday.
The refinery notified marketers of the price hike, raising the gantry price of petrol from N995 per litre, announced on Friday, to N1,175 per litre, an increase of N180 or about 18.1 per cent within three days.
The gantry price of Automotive Gas Oil (diesel) was also revised to N1,620 per litre.
A senior refinery official, who spoke on condition of anonymity because he was not authorized to comment publicly, confirmed the adjustment.
He said, “Yes, the gantry prices have been adjusted. PMS is now N1,175 per litre while Automotive Gas Oil is N1,620 per litre.
“The market has been extremely volatile, and replacement costs have shifted significantly in recent days.
“These adjustments reflect prevailing market fundamentals and the current cost environment.”
Checks on the industry pricing platform, petroleumprice.ng, showed that the revised rates had already been updated across petroleum depot pricing systems, signaling a shift in the benchmark price used by downstream marketers.
This marks the third surge in petrol prices within a week, following previous adjustments that pushed gantry prices from N774 to N995 per litre.
Consequently, retail pump prices in several states now exceed N1,000 per litre, with some stations dispensing petrol at around N1,200 per litre, further intensifying economic pressures on Nigerians.
The latest hike is expected to trigger another round of price increases at filling stations nationwide, as higher fuel costs typically translate into elevated transportation, logistics, and production expenses for businesses.
It also reflects efforts by the federal government, through the Nigerian National Petroleum Company Limited (NNPCL), to secure crude oil supply for the Dangote refinery via third-party international traders, in a bid to sustain domestic refining operations.
Officials, however, warned that the intervention may not immediately lead to lower petrol prices for consumers.
Nigerians continue to grapple with high fuel costs following recent hikes by the $20-billion Lekki-based refinery.
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