Third increase in one week pushes pump prices toward N1,200 nationwide, raising fears of another surge in transport fares and cost of living……
The cost of goods and services across Nigeria could rise further after the Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit (petrol) to N1,175 per litre, marking the third upward adjustment within a week.
The latest increase has heightened concerns that businesses and households may soon face another round of price hikes as transportation, logistics and production costs climb.
The refinery communicated the new pricing to marketers on Monday, raising the gantry price of petrol from N995 per litre announced on Friday. The new figure represents an increase of N180, or about 18.1 percent, within just three days.
In addition to petrol, the refinery also revised the gantry price of Automotive Gas Oil (diesel) to N1,620 per litre.
A senior official at the refinery, who spoke anonymously because he was not authorised to comment publicly, confirmed that the revised prices had already been circulated to petroleum 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 adjustment reflects the volatile conditions currently shaping the energy 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 added.
Industry checks also showed that the new pricing structure has already been reflected across depot systems used by downstream marketers. Data on the industry pricing platform PetroleumPrice.ng indicates that the revised rates have been updated, signaling a shift in the benchmark price guiding supply transactions in the downstream sector.
The development marks the third petrol price increase within a week, after earlier adjustments moved gantry prices from N774 per litre to N995 per litre.
As a result, pump prices in several parts of the country have already crossed the N1,000 per litre threshold, with some filling stations reportedly selling petrol for as much as N1,200 per litre.
Energy analysts warn that the latest increase could quickly filter through the wider economy, triggering higher transport fares and increasing operational costs for businesses that depend heavily on fuel.
For many Nigerians already grappling with inflation and rising living costs, the latest development could add further pressure on household budgets.
The adjustment also comes amid ongoing efforts by the Nigerian National Petroleum Company Limited to support crude supply to the refinery. Government officials have been exploring arrangements with international traders to ensure steady crude deliveries to the $20bn Lekki-based refinery in a bid to sustain domestic refining capacity.
However, industry insiders caution that these efforts may not immediately translate into relief at the pumps.
Despite the push to stabilise supply, Nigerians are already contending with elevated fuel prices following recent hikes from the massive refinery located in Lekki Free Trade Zone.
With the latest adjustment now in effect, market watchers expect filling stations across the country to revise pump prices upward in the coming days, potentially setting the stage for another round of inflationary pressure across the economy.
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