The Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,175 per litre, marking another adjustment in fuel prices within a short period of time, raising concerns over the rising cost of transportation and goods across Nigeria.
The latest revision, communicated to petroleum marketers and depot operators on Monday, represents a ₦180 increase from the ₦995 per litre announced just days earlier, and is part of a series of price adjustments introduced by the refinery in recent days.
Industry reports indicate that the refinery has now reviewed its pricing several times since early March, reflecting mounting pressures in Nigeria’s downstream petroleum sector.
Data from energy market reports show that the gantry price had earlier risen from ₦774 per litre to ₦874, before climbing further to ₦995 and now ₦1,175 per litre, highlighting the rapid escalation in fuel costs within about a week.
The refinery has linked previous price reviews to volatility in global crude oil markets and geopolitical tensions, particularly disruptions linked to conflicts in the Middle East that have pushed international oil prices higher.
The latest increase could trigger a fresh round of pump price adjustments nationwide, as fuel marketers adjust retail prices to reflect the higher depot cost.
There are also concerns that the continued rise in petrol prices may drive inflationary pressures, given Nigeria’s heavy reliance on fuel for transportation, power generation and logistics.
The Dangote refinery, located in the Lekki Free Trade Zone in Lagos and widely regarded as the largest single-train refinery in the world with a projected capacity of about 650,000 barrels per day, was expected to help stabilise Nigeria’s fuel supply when fully operational.
However, the recent series of price increases suggests that global oil market dynamics and domestic supply challenges continue to influence fuel pricing, despite the expansion of local refining capacity.
