Fuel prices in Nigeria could rise further after Dangote Petroleum Refinery increased the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,175 per litre.
The new price, announced to marketers on Monday, represents the third upward adjustment within a week.
The refinery raised the gantry price from N995 per litre announced on Friday, marking an increase of N180 or about 18.1 per cent in three days.
Industry observers say the latest hike could lead to higher transport and production costs, potentially pushing up the price of goods and services across the country.
The refinery also revised the gantry price of Automotive Gas Oil (diesel) to N1,620 per litre.
A senior refinery official, who spoke on condition of anonymity because he was not authorised to comment publicly, confirmed that the revised prices 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.
According to the official, the decision reflects changes in market conditions 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.
