Fuel prices in Nigeria have surged again, with the Dangote Petroleum Refinery raising the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre, marking the third increase in a week. The adjustment comes just hours after reports suggested petrol costs could rise following a brief suspension of refinery operations on Sunday.
The refinery also increased the price of Automotive Gas Oil (diesel) to N1,620 per litre. A senior refinery official, speaking anonymously because he was not authorised to speak publicly, confirmed the revision, saying it had been communicated to marketers and depot operators. “The market has been extremely volatile, and replacement costs have shifted significantly in recent days. These adjustments reflect prevailing market fundamentals,” he said.
Data from petroleumprice.ng shows the revised rates have been updated across depot pricing systems, setting a new benchmark for downstream marketers. This week’s price surge follows earlier adjustments that lifted gantry petrol prices from N774 to N995 per litre, with some retail stations now selling above N1,200 per litre in certain states.
Analysts warn that the latest hike will likely push up costs for transportation, logistics, and goods, further straining household budgets. The Federal Government, through the Nigerian National Petroleum Company Limited, has been attempting to secure crude supply for the refinery via international traders to maintain operations, but officials caution that this may not immediately reduce prices for consumers. Nigerians continue to face rising fuel costs amid the refinery’s $20 billion operations in Lekki.
