The cost of goods and services across Nigeria is set to rise again after Dangote Petroleum Refinery increased the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre, marking the third price hike in just one week
The refinery communicated the new rates to marketers on Monday, following a temporary suspension of petrol sales on Sunday, which had already sparked concerns about rising fuel costs. The latest adjustment raises the price from N995 per litre announced on Friday—an 18.1 percent increase in three days.
Diesel, or Automotive Gas Oil, was also affected, with the gantry price revised to N1,620 per litre.
A senior refinery official, speaking on condition of anonymity, confirmed the increase, explaining that the adjustments reflect shifting replacement costs and volatile market conditions. “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 said.
Industry checks on petroleumprice.ng show that the new rates have already been updated across depot pricing systems, signaling a shift in the benchmark for downstream marketers.
This latest surge follows two prior increases that had already pushed gantry prices from N774 to N995 per litre. Retail petrol prices in many states have now surpassed N1,000 per litre, with some filling stations charging around N1,200 per litre, putting further pressure on household budgets and the broader economy.
