By Our Correspondent
Petrol prices in Nigeria have surged again after the Dangote Petroleum Refinery increased the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre, marking the third petrol price hike within one week.
The latest adjustment is expected to worsen the rising cost of living and increase transportation and production expenses across the country.
The refinery raised the PMS gantry price from N995 per litre to N1,175, representing an increase of N180 or about 18.1 per cent within three days.
In the same review, the price of Automotive Gas Oil (diesel) was also raised to N1,620 per litre, according to industry sources.
A senior official at the refinery confirmed that the updated petrol and diesel prices have already been communicated to petroleum marketers and depot operators nationwide.
The official explained that the new pricing reflects the current realities in the global energy market and rising replacement costs.
“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,” the official said.
Industry data obtained from petroleum pricing platforms shows that the revised rates have already been reflected in depot pricing systems, signalling a new benchmark price for downstream marketers.
The latest increase follows earlier adjustments that pushed the gantry price of petrol from N774 per litre to N995 per litre earlier in the week.
As a result, several filling stations across Nigeria have begun selling petrol at over N1,000 per litre, with some retail outlets reportedly dispensing fuel at about N1,200 per litre.
Analysts warn that the continued increase in petrol prices could trigger a fresh wave of inflation, as businesses may transfer higher fuel and logistics costs to consumers.
Transportation fares, food prices, and production costs are also expected to rise in response to the new fuel price.
Meanwhile, the Federal Government has been exploring measures to ensure steady crude oil supply to the Dangote refinery.
Efforts by the Nigerian National Petroleum Company Limited (NNPC) to source crude through international traders are aimed at sustaining local refining operations.
However, officials say the intervention may not immediately translate into lower petrol prices for Nigerians.
With the refinery’s latest price review, economic pressure on households and businesses is expected to intensify as the country continues to grapple with fuel price volatility.
