Business News
Again, Dangote refinery increases fuel price to N1,175 per litre
The cost of goods and services across Nigeria may rise further after the Dangote Petroleum Refinery increased the gantry price of Premium Motor Spirit (petrol) to N1,175 per litre, marking the third price adjustment within one week.
The new price has sparked concerns among businesses and consumers who fear it could trigger another round of inflation across the country, as transport costs and production expenses are expected to increase.
The latest adjustment came only hours after Very Nigerian reported that petrol prices could rise again following the temporary suspension of petrol sales at the refinery on Sunday.
Industry observers say the repeated price changes within a short period may worsen the financial pressure on Nigerians already struggling with high living costs, as petrol prices remain a major factor influencing the cost of transportation, food, and other essential services.
The refinery announced the price hike to marketers on Monday, raising the gantry price of Premium Motor Spirit to N1,175 per litre from N995 per litre announced on Friday, representing an increase of N180 or about 18.1 per cent within three days.
It also revised the gantry price of Automotive Gas Oil, commonly 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 comment publicly, confirmed the adjustment to our correspondent, stating that the revision 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 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.”
Checks by our correspondent 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 new price is the third surge in petrol prices within a week, following adjustments that pushed gantry prices from N774 to N995 per litre. As a result, retail pump prices in several states now exceed N1,000 per litre, as some stations now dispense petrol at about N1,200/litre, intensifying economic pressures on Nigerians.
The latest hike is expected to trigger another round of increases at filling stations nationwide, as higher fuel costs typically translate into higher transportation, logistics, and production costs for businesses.
It also betrays efforts by the Federal Government, through the Nigerian National Petroleum Company Limited, to secure crude oil supply for the Dangote Petroleum Refinery through third-party international traders, in a bid to sustain domestic refining operations.
Officials, however, warned that the intervention may not immediately translate into lower petrol prices for consumers. Nigerians currently grapple with high fuel prices, following the recent hikes in the cost of the commodities by the $20bn Lekki-based refinery.
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