The Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit (PMS), also known as petrol, to N1,175 per litre, marking the third price hike within a week.
The new price represents an N180 increase from the N995 per litre announced on Friday, reflecting an 18.1 per cent rise within three days. The refinery also revised the gantry price of diesel to N1,620 per litre.
A senior official of the refinery confirmed that the updated prices had already been communicated to marketers and depot operators, attributing the adjustment to volatile market conditions and rising replacement costs.
“The new pricing reflects current market realities, particularly the volatility in global energy markets and the increasing cost of replacing supply,” the official said.
The latest increase follows earlier adjustments that pushed petrol prices from N774 to N995 per litre. Pump prices in several states are already approaching N1,200 per litre.
Industry analysts warn that the development could trigger a ripple effect across the economy.
“Any increase in the price of petrol has direct implications for transportation, production, and ultimately the cost of goods and services, This adjustment could further intensify inflationary pressures already affecting households and businesses,” an energy analyst said.
The development comes amid growing concerns among consumers and businesses over rising fuel costs and their broader impact on the economy.