Dangote Refinery Increases Petrol Price To N1,175 Per Litre, Third Hike In A Week
Fuel prices in Nigeria are set to climb again after Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre, marking the third increase in just one week. The hike, communicated to marketers on Monday, follows a temporary suspension of petrol sales at the refinery on Sunday, which had already sparked fears of rising fuel costs. The latest adjustment raises the price from N995 per litre announced on Friday, representing an 18.1 percent jump within three days. Diesel, or Automotive Gas Oil, also saw a price revision, with the gantry rate now set at N1,620 per litre. A senior refinery official, speaking on condition of anonymity, confirmed the increase and explained that it reflects shifting replacement costs and a volatile market. “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,” the official said. Data from petroleumprice.ng show that the revised rates have already been updated across depot pricing systems, signaling a new benchmark for downstream marketers. This marks the third petrol price surge in a week, following previous adjustments that pushed gantry prices from N774 to N995 per litre. Retail prices in several states have now surpassed N1,000 per litre, with some stations selling petrol at around N1,200 per litre, adding further pressure on household budgets and the economy.