Petrol prices may rise further across Nigeria after the Dangote Petroleum Refinery increased the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre.
The new rate, announced to marketers on Monday, represents a N180 increase from the N995 per litre price introduced on Friday, marking the third upward adjustment within a week.
The refinery also revised the gantry price of Automotive Gas Oil (AGO), commonly known as diesel, to N1,620 per litre.
A senior refinery official, who spoke on condition of anonymity because he was not authorised to comment publicly, confirmed that the new pricing had already 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.
According to the source, the latest adjustment reflects fluctuations in global market conditions and rising replacement costs.
“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 added.
Industry checks on petroleumprice.ng indicated that the revised rates had already been updated on petroleum depot pricing platforms used by downstream marketers, signalling a new pricing benchmark within the sector.
The latest increase follows earlier adjustments within the past week that pushed gantry prices from N774 per litre to N995 before Monday’s hike to N1,175.
With the increase, retail pump prices in many parts of the country are expected to climb further, as higher depot prices typically translate into higher pump prices at filling stations.
In several states, petrol is already selling for over N1,000 per litre, with some stations reportedly dispensing the product at about N1,200 per litre.
Energy analysts warn that the development could trigger a fresh wave of increases in transportation fares, logistics costs and the prices of goods and services nationwide.
