Fuel prices in Nigeria are set to rise further after Dangote Petroleum Refinery increased the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre, marking the third price adjustment within a week.
The refinery announced the new price to marketers on Monday, raising the gantry price from N995 per litre announced on Friday, representing an increase of N180 or about 18.1 per cent within three days.
Industry observers say the latest increase could trigger higher transportation and production costs, potentially pushing up the price of goods and services nationwide.
The refinery also revised the gantry price of Automotive Gas Oil (diesel) to N1,620 per litre.
A senior official of the refinery, who spoke on condition of anonymity because he was not authorised to comment publicly, confirmed that the new pricing had already been communicated to 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.
The official attributed the increase to volatility in the fuel market and rising replacement costs.
“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.
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