Nigeria may soon experience another surge in the prices of goods and services after the Dangote Petroleum Refinery implemented a fresh increase in the gantry price of petrol.
The refinery has raised the price of Premium Motor Spirit (PMS) to ₦1,175 per litre, marking the third adjustment within a single week.
The move is expected to intensify pressure on households and businesses already struggling with rising living costs.
According to industry sources, the refinery informed fuel marketers of the new pricing on Monday.
The latest figure represents a ₦180 jump from the ₦995 per litre price announced only days earlier on Friday, translating to an increase of roughly 18 per cent in just three days.
At the same time, the facility also revised the gantry price of Automotive Gas Oil (diesel) to ₦1,620 per litre.
A senior official at the refinery, who spoke anonymously because he was not authorised to comment publicly, confirmed the development.
He noted that the adjustment was driven largely by turbulence in the global oil market and the rising cost of replacing fuel supplies.
“Yes, the prices at the gantry have been adjusted. PMS is now ₦1,175 per litre, while Automotive Gas Oil is ₦1,620 per litre,” the source said.
The official explained that recent shifts in the international oil market have significantly altered operating costs, forcing refiners to update their pricing structure.
“Market conditions have been highly volatile. Replacement costs have changed rapidly in the past few days, and the new prices reflect the current cost realities and broader market fundamentals,” he added.
Data from the industry monitoring platform Petroleumprice.ng indicates that the updated prices have already been reflected in depot pricing systems used by downstream marketers across the country.
With the new adjustment in place, industry analysts believe fuel pump prices could rise again at filling stations nationwide.
In several states, petrol is already selling above ₦1,000 per litre, while some outlets have reportedly pushed prices close to ₦1,200 per litre.
Experts warn that higher fuel prices typically trigger wider economic consequences, including increased transportation fares, higher logistics costs, and rising production expenses for businesses, which eventually drive up the prices of goods and services.
The latest price hike also comes despite ongoing efforts by the Nigerian National Petroleum Company Limited (NNPCL) to support the refinery’s operations by sourcing crude oil through third-party international traders.
The initiative is intended to ensure a steady supply of crude for local refining as the country attempts to strengthen domestic fuel production.
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However, industry officials caution that these measures may not immediately translate into lower pump prices, as the cost of petroleum products remains heavily influenced by global crude oil prices and prevailing market conditions.