Dangote Petroleum Refinery has raised its gantry price for Premium Motor Spirit (PMS), otherwise known as petrol, to N1,175 per litre, marking the third upward adjustment within a week.
A senior refinery official, speaking anonymously, confirmed the hike from the previous N995 per litre announced on Friday, representing an 18.1 per cent increase driven by volatile market conditions and rising replacement costs.
The adjustment also sets the gantry price for Automotive Gas Oil (diesel) at N1,620 per litre, with updates reflected on industry platforms like petroleumprice.ng for marketers and depot operators.
Retail pump prices have surged beyond N1,000 to about N1,200 per litre in several states, exacerbating transportation, logistics and production costs for businesses and households.
The refinery’s move follows temporary suspension of petrol sales on Sunday and comes despite Federal Government efforts through the Nigerian National Petroleum Company Ltd (NNPCL) to secure crude supplies via international traders.
Industry analysts warn of further inflation in the cost of goods and services, as higher fuel expenses ripple through Nigeria’s economy.
