Dangote Petroleum Refinery has raised the gantry price of Premium Motor Spirit to N1,175 per litre, marking the third upward adjustment within a week.
The latest price revision comes hours after The PUNCH projected that petrol prices could rise for the third time within a week following the temporary suspension of petrol sales at the refinery on Sunday.
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.
According to reports, the refinery also revised the gantry price of Automotive Gas Oil, commonly known as diesel, to N1,620 per litre.
“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 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.
