The Dangote Petroleum Refinery has raised the gantry price of Premium Motor Spirit to N1,175 per litre, marking the third upward adjustment within a week.
The refinery announced the price hike to marketers on Monday, raising the gantry price of Premium Motor Spirit to N1,175 per litre from N995 per litre announced on Friday, representing an increase of N180 or about 18.1 per cent within three days.
It also revised the gantry price of Automotive Gas Oil, commonly known as diesel, to N1,620 per litre.
Checks on petroleumprice.ng, an oil industry pricing platform, showed that the revised rates had already been updated across petroleum depot pricing systems, indicating a shift in the benchmark price used by downstream marketers.
The new price is the third surge in petrol prices within a week, following adjustments that pushed gantry prices from N774 to N995 per litre. As a result, retail pump prices in several states now exceed N1,000 per litre, as some stations now dispense petrol at about N1,200/litre, intensifying economic pressures on Nigerians.
The refinery announced the price hike to marketers on Monday, raising the gantry price of Premium Motor Spirit to N1,175 per litre from N995 per litre announced on Friday, representing an increase of N180 or about 18.1 per cent within three days.
It also revised the gantry price of Automotive Gas Oil, commonly known as diesel, to N1,620 per litre.
Checks on petroleumprice.ng, an oil industry pricing platform, showed that the revised rates had already been updated across petroleum depot pricing systems, indicating a shift in the benchmark price used by downstream marketers.
The new price is the third surge in petrol prices within a week, following adjustments that pushed gantry prices from N774 to N995 per litre. As a result, retail pump prices in several states now exceed N1,000 per litre, as some stations now dispense petrol at about N1,200/litre, intensifying economic pressures on Nigerians.
The latest hike is expected to trigger another round of increases at filling stations nationwide, as higher fuel costs typically translate into higher transportation, logistics, and production costs for businesses.
It also betrays efforts by the Federal Government, through the Nigerian National Petroleum Company Limited, to secure crude oil supply for the Dangote Petroleum Refinery through third-party international traders, in a bid to sustain domestic refining operations.
Officials, however, warned that the intervention may not immediately translate into lower petrol prices for consumers. Nigerians currently grapple with high fuel prices, following the recent hikes in the cost of the commodities by the $20bn Lekki-based refinery.
-All Rights Reserved-
Permission to use any material, including text, still photograph, audio and video from this site is granted subject to permission being formally sought and, if granted, appropriate credit must duly be given to The News Room as the source.
Stay connected, get exclusive updates, and be the first to know about all the exciting things happening. Whether you’re looking for insights, tips, or just want to be part of an amazing community, our WhatsApp group is the place to be!
👉 Don’t miss out. Click the link and be part of something awesome! 🚀
