The cost of goods and services across Nigeria is expected to increase further following a fresh hike in petrol prices by the Dangote Petroleum Refinery, which has raised the gantry price of Premium Motor Spirit (PMS) to ₦1,175 per litre.
The adjustment marks the third petrol price increase within one week, intensifying concerns over rising living costs across the country.
The refinery communicated the new pricing structure to marketers on Monday, increasing the gantry price from ₦995 per litre announced on Friday to ₦1,175 per litre, representing a ₦180 increase or about 18.1 per cent within three days.
In addition, the refinery also revised the gantry price of Automotive Gas Oil (diesel) to ₦1,620 per litre.
A senior official at the refinery confirmed the development to journalists but declined to be named as he was not authorised to speak publicly.
“Yes, the gantry prices have been adjusted. PMS is now ₦1,175 per litre while Automotive Gas Oil is ₦1,620 per litre,” the official told The PUNCH.
The refinery attributed the new pricing to volatility in the global oil market and rising replacement costs.
According to the official, the current market environment has forced operators to adjust prices in line with prevailing 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 explained.
Checks on the industry pricing platform Petroleumprice.ng showed that the revised rates had already been reflected across petroleum depot pricing systems used by downstream marketers.
The latest price revision is expected to trigger another round of increases at filling stations nationwide.
Retail petrol prices in several states already exceed ₦1,000 per litre, with some stations reportedly selling fuel at about ₦1,200 per litre.
Analysts warn that the development could worsen economic pressure on households as higher fuel prices often translate to increased transport fares, logistics costs and production expenses for businesses.
The hike also comes despite efforts by the Nigerian National Petroleum Company Limited (NNPCL) to secure crude oil supply for the Dangote refinery through third-party international traders.
The move is aimed at sustaining domestic refining operations amid supply constraints.
However, officials warned that the intervention may not immediately lead to lower petrol prices for consumers, as Nigerians continue to grapple with rising fuel costs linked to global crude oil volatility and market dynamics.