Dangote Refinery Hikes Petrol Price To N1,175 Per Litre
The Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,175 per litre, marking the third price hike within one week.
This latest price adjustment was communicated to petroleum marketers on Monday, raising the ex-depot price from N995 per litre announced on Friday, representing an increase of N180 or about 18.1 per cent within just three days.
The refinery also revised the gantry price of Automotive Gas Oil (diesel) to N1,620 per litre, further heightening concerns among businesses already struggling with rising operating costs.
Checks on the industry pricing platform petroleumprice.ng showed that the revised rates had already been updated across petroleum depot pricing systems, signalling an immediate shift in the benchmark price used by downstream marketers across the country.
The new increase represents the third surge in petrol prices within a week, following earlier adjustments that pushed the refinery’s gantry price from N774 to N874, and subsequently to N995 per litre before the latest hike to N1,175.
As a result, retail pump prices in several parts of Nigeria have already crossed the N1,000 per litre mark, with some filling stations dispensing petrol at around N1,200 per litre, intensifying the cost-of-living crisis facing citizens.
Industry operators warn that the latest development will likely trigger another round of price increases at filling stations nationwide, as higher fuel costs typically translate into increased transportation fares, logistics expenses, and production costs, ultimately pushing up the prices of goods and services.
The development also comes amid efforts by the Federal Government, through the Nigerian National Petroleum Company Limited, to secure crude oil supply for the refinery via third-party international traders in order to sustain domestic refining operations.
However, officials familiar with the arrangement have cautioned that the intervention may not immediately lead to lower petrol prices for consumers, as global crude oil prices, foreign exchange volatility and operational costs continue to influence domestic fuel pricing.