PMS price hits N1,175 as Dangote refinery announces third hike in one week
Fuel prices across Nigeria are expected to rise further after the Dangote Petroleum Refinery increased the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,175 per litre, marking the third upward adjustment within one week.
The latest price revision comes hours after projections that petrol prices could rise again following the temporary suspension of petrol sales at the refinery on Sunday.
The refinery announced the adjustment to marketers on Monday, raising the gantry price of petrol from N995 per litre announced on Friday to N1,175 per litre, representing an increase of N180, or about 18.1 per cent within three days.
It 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 the development.
“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 official added that the decision was influenced by changing market conditions.
“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 said.
Checks on the industry pricing platform, petroleumprice.ng, showed that the revised rates had already been updated across petroleum depot pricing systems, indicating a shift in the benchmark price used by downstream marketers.
The new price represents the third surge in petrol prices within a week, following earlier adjustments that pushed gantry prices from N774 to N995 per litre.
As a result, retail pump prices in several states have already exceeded N1,000 per litre, with some filling stations dispensing petrol at about N1,200 per litre, intensifying economic pressure on Nigerians.
Industry analysts say the latest hike is likely to trigger another round of increases at filling stations nationwide, as higher fuel costs typically translate into increased transportation, logistics and production expenses for businesses.
The development also comes amid efforts by the Federal Government, through the Nigerian National Petroleum Company Limited, to secure crude oil supply for the $20bn Lekki-based Dangote Petroleum Refinery through third-party international traders to sustain domestic refining operations.
However, officials warn that the intervention may not immediately lead to lower petrol prices for consumers, as Nigerians continue to grapple with the impact of rising fuel costs.
