The cost of fuel and goods in Nigeria is set to climb further after Dangote Petroleum Refinery increased its gantry price for Premium Motor Spirit (PMS) to N1,175 per litre, marking the third surge in a week.
The adjustment, confirmed by a refinery official who spoke on condition of anonymity, raised diesel (Automotive Gas Oil) to N1,620 per litre. This follows previous increases that saw PMS prices jump from N774 to N995 per litre, reflecting a cumulative 18.1% rise within three days.
The refinery cited market volatility and shifting replacement costs as the reason for the hike. The new rates have already been updated on industry platforms like petroleumprice.ng, and retail prices at filling stations are now hovering around N1,200 per litre in several states.
Analysts warn that this price increase will ripple across the economy, pushing up transportation, logistics, and production costs. The spike comes even as the Federal Government, through NNPC, seeks additional crude supplies to support Dangote’s refinery operations, though this may not immediately ease fuel prices for consumers.
Nigerians are now facing intensified economic pressures as the nation adapts to the rising cost of energy and goods.
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