Nigeria’s fuel market has witnessed another sharp increase as Dangote Petroleum Refinery announced a rise in petrol (Premium Motor Spirit, PMS) prices to ₦1,175 per litre, marking the third consecutive weekly hike.
The refinery’s latest adjustment follows an earlier jump from ₦774 per litre to ₦995 per litre, with the newest increase representing an ₦180 rise in just three days. In addition, the price of Automotive Gas Oil (diesel) was raised to ₦1,620 per litre, further impacting transportation and logistics costs nationwide.
Although these are gantry prices, reflecting the cost at which marketers purchase fuel from the refinery, retail pump prices across the country are already exceeding ₦1,000 per litre and are expected to climb further as marketers adjust to the new rates.
Industry sources attribute the repeated price hikes to volatile global oil markets and rising replacement costs, including higher crude oil prices, which have necessitated rapid upward revisions.
Economists warn that the spike in fuel costs could ripple across the economy, leading to higher transportation expenses, increased prices for goods and services, and added inflationary pressure on households.
The refinery’s announcement underscores the ongoing challenges in stabilising Nigeria’s fuel supply and pricing amid global market fluctuations and domestic energy sector pressures.
ELIJAH ADEYEMI
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