The cost of goods and services across Nigeria is expected to rise after the Dangote Petroleum Refinery increased the gantry price of petrol for the third time within a week.
The refinery raised the gantry price of Premium Motor Spirit, commonly known as petrol, to N1,175 per liter on Monday from N995 per liter announced on Friday. The increase of N180 represents about an 18.1% jump within three days.
The latest adjustment came hours after The PUNCH reported that petrol prices could rise again following the temporary suspension of petrol sales at the refinery on Sunday.
The refinery also increased the gantry price of Automotive Gas Oil, commonly known as diesel, to N1,620 per liter.
A senior refinery official, who spoke on condition of anonymity because he was not authorized to comment publicly, confirmed the price changes.
“Yes, the gantry prices have been adjusted. PMS is now N1,175 per liter while Automotive Gas Oil is N1,620 per liter,” the official said.
The official added that recent market conditions had forced the adjustment.
“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 said.
Checks on the industry pricing platform petroleumprice.ng showed that the revised rates had already been updated across petroleum depot pricing systems, indicating a shift in the benchmark price used by downstream marketers.
The increase marks the third petrol price surge within a week, following earlier adjustments that pushed the gantry price from N774 to N995 per liter.
Retail pump prices in several states have already risen above N1,000 per liter, with some filling stations selling petrol at about N1,200 per liter, intensifying economic pressure on consumers.
The latest hike is expected to trigger another round of price increases at filling stations nationwide, as higher fuel costs typically lead to higher transportation, logistics and production costs.
The development also comes as the federal government, through the Nigerian National Petroleum Company Limited, moves to secure crude oil supply for the Dangote refinery through third-party international traders in an effort to sustain domestic refining operations.
Officials have warned, however, that the intervention may not immediately lead to lower petrol prices for consumers, who are already grappling with rising fuel costs following recent price increases by the $20 billion refinery in Lekki.
