Just In: Dangote Refinery Hikes Petrol Price Again — Now ₦1,175/Litre

According to industry sources, the Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit (PMS) to ₦1,175 per litre, signaling a further rise in the cost of goods and services across Nigeria. This marks the third petrol price adjustment within a single week, intensifying concerns over the country’s rising living costs.

The refinery informed marketers of the new pricing structure on Monday, raising the gantry price from ₦995 per litre announced on Friday, representing an 18.1 per cent increase within three days. The gantry price of Automotive Gas Oil (diesel) was also revised to ₦1,620 per litre.

A senior refinery official confirmed the development to journalists on the condition of anonymity, citing the need for proper authorisation to speak publicly. “Yes, the gantry prices have been adjusted. PMS is now ₦1,175 per litre while Automotive Gas Oil is ₦1,620 per litre,” he said.

The refinery attributed the new pricing to volatility in global oil markets and rising replacement costs, noting that operators must adjust prices in line with prevailing market realities. “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 explained.

Checks on Petroleumprice.ng indicated that the revised rates have already been incorporated across depot pricing systems used by downstream marketers. Industry observers expect the latest adjustment to trigger another round of increases at retail filling stations nationwide.

Retail petrol prices in several states already exceed ₦1,000 per litre, with some stations reportedly selling fuel at around ₦1,200 per litre. Analysts warn that the development could further strain household budgets, as higher fuel costs typically translate to increased transport fares, logistics expenses, and production costs for businesses.

The price hike comes despite efforts by the Nigerian National Petroleum Company Limited (NNPCL) to secure crude oil supply for the Dangote refinery through international partners. While the intervention aims to sustain domestic refining operations amid supply constraints, officials caution that consumers may not see immediate relief from rising petrol prices due to ongoing global crude oil volatility and market dynamics.