Again, Dangote Refinery Increases Fuel Price to N1,175
The 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 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 an official, “Yes, the gantry prices have been adjusted. PMS is now N1,175 per litre while Automotive Gas Oil is 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 development came after the refinery suspended petrol loading operations and restricted truck-out activities, which had fuelled speculation among market participants about an imminent price adjustment.
The latest revision marks the fourth consecutive price review in less than two weeks, highlighting mounting pressure in Nigeria’s downstream petroleum market amid global oil price volatility. Under the revised structure, the N1,175 per litre petrol price represents a sharp increase from the previous N995 per litre.
Motorists are likely to now purchase petrol from fuel stations at a rate above N1,200 per litre, compounding economic woes for passengers and the larger masses.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that the pump price of Premium Motor Spirit (PMS) may hit N2,000 per litre amid the ongoing Middle East tension. PETROAN urged the Nigerian National Petroleum Company Limited (NNPCL) to urgently strengthen domestic refining capacity as a strategic step to shield Nigeria from global petroleum market shocks.
“Before the crisis, Premium Motor Spirit (PMS) sold at N774 per litre but now sells above N1,000 per litre, representing an increase of about 30%,” said Billy Gillis-Harry, National President of PETROAN. “Automotive Gas Oil (AGO), also known as diesel, previously sold at N950 per litre but has risen above N1,400 per litre.”
Projecting future trends, Gillis-Harry warned that PMS could rise close to N2,000 per litre while AGO may approach N3,000 per litre if the situation persists.