Concerns over a possible surge in the cost of goods and services across Nigeria have intensified after the Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,175 per litre. The latest adjustment marks the third increase within one week and comes amid growing worries about the impact of fuel price volatility on the country’s already strained economy. According to industry sources, the refinery communicated the new price to marketers and depot operators on Monday, raising the gantry price of petrol from N995 per litre announced last Friday. The N180 increase represents about an 18.1 per cent rise within three days.
The refinery also revised the gantry price of Automotive Gas Oil, widely 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 development. “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. Market analysts say the development could lead to higher pump prices at filling stations across the country, as marketers are likely to pass the additional cost on to consumers. Fuel price increases typically ripple across multiple sectors of the Nigerian economy, affecting transportation, food distribution, manufacturing and other essential services.
Economists warn that the latest hike may push up inflationary pressures, with transport fares and commodity prices likely to rise in the coming days. The development also highlights the continued sensitivity of Nigeria’s economy to changes in fuel pricing, particularly as petrol remains a critical driver of economic activity in the country. Industry observers say the coming days will determine how marketers adjust their retail prices and how quickly the new cost structure spreads across supply chains nationwide.
