The Dangote Petroleum Refinery has raised the ex-gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,175 per litre, marking another upward review in Nigeria’s fuel market.
The latest adjustment represents a N180 increase from the previous price of N995 per litre, and forms part of a series of price revisions announced by the refinery within a short period.
Industry sources indicate the new price was communicated to petroleum marketers and depot operators nationwide on Monday.
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Officials of the Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed the development, noting that the refinery’s updated gantry price would likely trigger another rise in retail pump prices across filling stations in the country.
The refinery also revised the price of Automotive Gas Oil (diesel) upward to about N1,620 per litre, reflecting broader adjustments in refined petroleum product pricing.
Industry analysts attribute the repeated price increases to rising international crude oil prices and higher replacement costs for imported crude, factors that directly affect refining costs. Global oil benchmarks recently surged above $100 per barrel, placing additional pressure on domestic fuel pricing.
The price revision marks the third increase within about a week and the fourth adjustment since early March, intensifying concerns about transportation costs, inflation and the overall cost of living in Nigeria.
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With the new gantry price of N1,175 per litre, petrol is already selling above N1,200 per litre in some retail outlets, depending on location and distribution costs.
The Dangote refinery, located in the Lekki Free Trade Zone in Lagos, has a refining capacity of about 650,000 barrels per day, making it the largest single-train refinery globally and a major supplier of refined petroleum products in Nigeria.
Source: Nairametrics
