The cost of goods and services across Nigeria may rise further following another increase in petrol prices by the Dangote Petroleum Refinery, which has raised the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre.
The latest adjustment represents the third upward review within a week and comes amid growing volatility in the downstream petroleum market.
The refinery announced the new price to marketers on Monday, raising the gantry price of PMS from N995 per litre announced on Friday. The increase of N180 represents about an 18.1 per cent jump 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 that the new prices had 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.
He explained that the changes were driven by prevailing market realities.
“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,” he added.
Industry checks on petroleumprice.ng indicated that the revised rates had already been updated across petroleum depot pricing systems, signalling a new benchmark price for downstream marketers.
The latest increase follows earlier adjustments that pushed gantry prices from N774 to N995 per litre within days. As a result, retail pump prices in several states have already crossed N1,000 per litre, with some filling stations selling petrol for about N1,200 per litre.
The development is expected to trigger another round of price increases at filling stations nationwide, as higher fuel costs typically translate into increased transportation, logistics, and production expenses for businesses.
The situation comes despite efforts by the Federal Government, through the Nigerian National Petroleum Company Limited, to secure crude oil supply for the Dangote refinery through third-party international traders in order to sustain domestic refining operations.
Officials, however, say the intervention may not immediately translate into lower petrol prices for consumers, as Nigerians continue to grapple with rising fuel costs following recent price hikes by the Lekki-based refinery.