The Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit (PMS) to ₦1,175 per litre, marking the third upward adjustment in petrol prices within just seven days.
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The latest revision, communicated to marketers and depot operators on Monday, raises the ex-depot price from ₦995 per litre (announced on Friday) by ₦180, representing an 18.1 per cent surge in three days. The refinery also adjusted the gantry price of Automotive Gas Oil (diesel) to ₦1,620 per litre.
A senior refinery official, speaking anonymously, confirmed the adjustment to our correspondent, attributing the change to extreme market volatility and rising replacement costs.
“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 said. “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.”
Industry pricing platform petroleumprice.ng has already reflected the new benchmark rates across depot systems, signaling an imminent ripple effect on retail pump prices nationwide. In several states, filling stations are already dispensing petrol at around ₦1,200 per litre, with further increases widely anticipated.
The fresh hike follows earlier adjustments that lifted gantry prices from ₦774 to ₦995 per litre last week. Analysts warn that the cumulative rise will intensify economic pressure on households and businesses, driving up transportation, logistics, food production, and general cost of living.
The development also undermines ongoing efforts by the Federal Government and Nigerian National Petroleum Company Limited (NNPCL) to secure steady crude supply for the refinery through third-party international traders, aimed at stabilizing domestic refining and easing fuel costs.
Despite these interventions, industry stakeholders say immediate relief for consumers remains unlikely amid persistent volatility in global crude markets and local supply dynamics.
The ₦20 billion Lekki-based refinery’s repeated price revisions have continued to fuel public concern over affordability, with many Nigerians now facing pump prices well above ₦1,000 per litre in various locations.
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