Nigerians are facing further economic strain as the cost of petrol surged again on Monday. Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre, marking the third increase within just one week.
The latest adjustment came hours after reports predicted another rise following a temporary suspension of petrol sales at the refinery on Sunday. The previous price of N995 per litre, announced on Friday, was raised by N180, representing an 18.1% increase in three days.
The refinery also revised the gantry price of Automotive Gas Oil (diesel) to N1,620 per litre. A senior refinery official, speaking on condition of anonymity, confirmed that the new rates 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. “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.”
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Industry checks on petroleumprice.ng showed that the revised rates had been updated across depot pricing systems, signaling a shift in the benchmark for downstream marketers. Retail pump prices in some states have already surpassed N1,000 per litre, with some stations charging about N1,200 per litre.
The repeated hikes are expected to ripple across the economy, raising transportation, logistics, and production costs for businesses, and intensifying the financial pressure on consumers.
The Federal Government, through the Nigerian National Petroleum Company Limited, has been working to secure crude oil supply for the Dangote Refinery via international traders to sustain domestic refining. However, officials caution that these measures may not immediately reduce fuel prices for Nigerians, who are already contending with soaring costs following the refinery’s recent pricing adjustments.