Lagos, Nigeria – Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit to N1,175 per litre, marking the third upward adjustment within seven days. The latest revision represents a sharp increase from N995 per litre announced just three days earlier.
Okay News reports that the refinery announced the price hike to marketers on Monday. The N180 increase represents approximately 18.1% within three days, bringing the total to four consecutive price reviews in less than two weeks.
Dangote blamed the development on cost of production and market volatility. An official confirmed that Premium Motor Spirit is now N1,175 per litre while Automotive Gas Oil is N1,620 per litre.
The market has been extremely volatile, with replacement costs shifting significantly in recent days. These adjustments reflect prevailing market fundamentals and the current cost environment.
The development came after the refinery suspended petrol loading operations and restricted truck-out activities. This had fueled speculation among market participants about an imminent price adjustment.
Motorists are now likely to purchase petrol from fuel stations at rates above N1,200 per litre. This compounds economic woes for passengers and the broader population.
The Petroleum Products Retail Outlets Owners Association of Nigeria has warned that petrol prices may hit N2,000 per litre amid ongoing Middle East tension. The association urged Nigerian National Petroleum Company Limited to urgently strengthen domestic refining capacity.
PETROAN National President Billy Gillis-Harry made the call in Port Harcourt while delivering a keynote address. He specifically called on NNPC Group Chief Executive Officer Bayo Ojulari to facilitate immediate commencement of production at local refineries, particularly the Area 5 Plant at Port Harcourt Refinery and the Warri Refinery.
The ongoing conflict involving Israel, the United States, and Iran is pushing global petroleum prices to alarming levels. Before the crisis, petrol sold at N774 per litre but now sells above N1,000, representing an increase of about 30%.
Automotive Gas Oil previously sold at N950 per litre but has risen above N1,400. Projecting future trends, Gillis-Harry warned that petrol could rise close to N2,000 per litre while diesel may approach N3,000 if the situation persists.
