The Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit to N1,175 per litre, marking the third upward adjustment within a week.
The new price was announced to marketers on Monday, raising the gantry price of petrol from N995 per litre announced on Friday, representing an increase of N180 or about 18.1 per cent within three days.
The refinery also revised the gantry price of Automotive Gas Oil, commonly known as diesel, to N1,620 per litre.
A senior official of the refinery, who spoke on condition of anonymity because he was not authorised to comment publicly, confirmed the adjustment, stating that the revision 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.
“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.”
Checks on the industry pricing platform petroleumprice.ng indicated that the revised rates had already been updated across petroleum depot pricing systems, showing a shift in the benchmark price used by downstream marketers.
The new price represents the third increase in petrol prices within a week, following earlier adjustments that moved the gantry price from N774 to N995 per litre.
As a result, retail pump prices in several states now exceed N1,000 per litre, with some filling stations dispensing petrol at about N1,200 per litre.
The latest increase is expected to trigger further price hikes at filling stations nationwide, as higher fuel costs often translate into increased transportation, logistics and production costs for businesses.
It also comes amid efforts by the Nigerian National Petroleum Company Limited to secure crude oil supply for the Dangote refinery through third-party international traders to sustain domestic refining operations.
Officials, however, noted that the intervention may not immediately result in lower petrol prices for consumers as Nigerians continue to face rising fuel costs.
