Nigeria is currently facing a significant economic shift as the cost of living is poised to rise following a sharp increase in petrol prices.
The Dangote Petroleum Refinery on Monday adjusted its gantry price for Premium Motor Spirit (PMS) to N1,175 per litre, up from the N995 per litre announced just last Friday.
This N180 jump represents an 18.1 percent increase in just three days and marks the third such hike within a single week.
Additionally, the refinery has revised the gantry price for diesel (Automotive Gas Oil) to N1,620 per litre.
A senior official at the refinery, speaking on condition of anonymity, confirmed the change to The Punch, stating that “the gantry prices have been adjusted. PMS is now N1,175 per litre while Automotive Gas Oil is N1,620 per litre.”
The official explained the volatility of the current market, noting that “replacement costs have shifted significantly in recent days” and that “these adjustments reflect prevailing market fundamentals and the cost environment we are currently operating in.”
Data from the industry platform petroleumprice.ng indicates that these rates have already been integrated into depot pricing systems across the country.
This latest adjustment has pushed retail pump prices in several states past the N1,000 mark, with some stations now selling fuel at approximately N1,200 per litre.
The rapid succession of hikes—which saw prices climb from N774 to N995 and finally to N1,175 in a week—is expected to trigger a ripple effect, increasing costs for transportation, logistics, and manufacturing.
Furthermore, the price surge appears to undermine recent government efforts to stabilize supply through third-party international traders.
While the refinery is a landmark project, officials have warned that such interventions “may not immediately translate into lower petrol prices for consumers,” leaving Nigerians to struggle with the intensifying economic pressure.
