The President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said that the increase in the price of Premium Motor Spirit, commonly known as petrol, by Dangote Petroleum Refinery will have a ripple effect on the economy. Dr Billy Gillis-Harry spoke during an interview with Trust TV published on Wednesday, two days after the refinery raised its gantry price by N100, bringing the ex-depot rate to N874 per litre from N774.
Okay News reports that the PETROAN President explained that retail outlet owners would incur additional logistics costs following the hike, which would ultimately affect final prices for consumers. He stated that when products are purchased at N874 per litre, operators must transport them from one location to another, adding costs while still needing to make a profit to stay in business.
Harry addressed concerns over alleged exploitation of consumers following the hike, insisting that PETROAN members follow a simple rule of selling old stock first and operating within ranges approved by the Nigerian Midstream and Downstream Petroleum Regulatory Authority. Following the refinery’s announcement, the Nigerian National Petroleum Company Limited increased its pump price in Abuja to N960 per litre from N875, with checks confirming the adjustment at several stations in the Federal Capital Territory.
The recent surge in global crude oil prices has been driven by escalating geopolitical tensions in the Middle East, with Nigerian crude surpassing $80 per barrel, exceeding the Federal Government’s 2026 budget benchmark of $64.85. Higher prices boost government revenue even as production remains below OPEC quota, with crude accounting for most of Nigeria’s foreign exchange earnings despite contributing only 3 to 5 percent of GDP. This petrol price hike reflects broader market realities tied to global crude volatility and domestic supply chain dynamics.
 has said that the increase in the price of Premium Motor Spirit, commonly known as petrol, by Dangote Petroleum Refinery will have a ripple effect on the economy. Dr Billy Gillis-Harry spoke during an interview with Trust TV published on Wednesday, two days after the refinery raised its gantry price by N100, bringing the ex-depot rate to N874 per litre from N774.){kind=link}