Dangote Petroleum Refinery has raised the gantry price of petrol to N1,175 per litre, marking the third increase within one week.
The latest adjustment was announced to fuel marketers on Monday, with the price of Premium Motor Spirit rising from N995 per litre, which had been set on Friday. The change represents an increase of N180, or roughly 18.1 per cent, in just three days.
The refinery also reviewed the price of Automotive Gas Oil, widely known as diesel, which is now set at N1,620 per litre.
The development comes shortly after reports suggested that another petrol price increase was likely following the temporary suspension of fuel sales at the refinery on Sunday.
“Yes, the gantry prices have been adjusted. PMS is now N1,175 per litre while Automotive Gas Oil is N1,620 per litre,” an official disclosed TO The PUNCH.
“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.”
Checks on the industry monitoring platform Petroleumprice.ng showed that the updated rates have already been reflected in depot pricing systems used by downstream marketers, indicating a shift in the benchmark used for petroleum product pricing.
The latest revision represents the third rise in petrol prices within a week. Earlier adjustments had already pushed the gantry price from N774 per litre to N995.
As a result, pump prices at several filling stations across the country have now crossed the N1,000-per-litre mark, with some outlets reportedly selling petrol at around N1,200 per litre, worsening the financial strain on many households.
Industry observers say the development could trigger another round of price increases nationwide because higher fuel costs typically raise transportation, logistics and production expenses for businesses.
The situation also comes despite efforts by the Federal Government, through the Nigerian National Petroleum Company Limited, to secure crude oil supplies for the refinery via third-party international traders to keep domestic refining operations running.
Officials have cautioned, however, that such interventions may not immediately result in lower fuel prices for consumers, as Nigerians continue to struggle with rising energy costs following recent price increases by the $20bn Lekki-based refinery.
