JUST IN: Dangote Refinery Hikes Petrol Price to N1,175

The Dangote Petroleum Refinery has again increased the gantry price of Premium Motor Spirit to N1,175 per litre, marking the third upward adjustment within one week.

The latest development comes barely hours after indications emerged that fuel prices could be reviewed again following the refinery’s temporary suspension of petrol sales on Sunday.

Marketers were informed of the new price on Monday as the refinery raised the gantry price of petrol from N995 per litre announced on Friday to N1,175 per litre, representing an increase of N180, or about 18 per cent, within three days.

The refinery also adjusted the gantry price of Automotive Gas Oil, popularly known as diesel, to N1,620 per litre.

A senior official of the refinery, who spoke on condition of anonymity because he was not authorised to speak publicly, confirmed the development, saying the revised prices had already been communicated to marketers and depot operators.

“Yes, the gantry prices have been adjusted. PMS now sells for N1,175 per litre while diesel is priced at N1,620 per litre,” the source disclosed, adding that recent fluctuations in the market and rising replacement costs influenced the decision.

Checks on an industry pricing platform indicated that the updated rates had already reflected in depot pricing systems used by petroleum marketers, suggesting a shift in the benchmark price within the downstream sector.

The latest adjustment represents the third increase in petrol prices within a week after earlier changes pushed the gantry price from N774 to N995 per litre. Consequently, pump prices in several states have risen above N1,000 per litre, with some filling stations already dispensing petrol at about N1,200 per litre.

Analysts say the development could trigger another round of price increases nationwide, as higher fuel costs often lead to rising transportation, logistics and production expenses.

The increase also comes amid efforts by the Federal Government, through the Nigerian National Petroleum Company Limited, to facilitate crude oil supply to the Lekki-based refinery through international traders to sustain domestic refining activities. However, industry officials have warned that the intervention may not immediately result in lower fuel prices for consumers.