Petrol prices in Nigeria have climbed further after the Dangote Petroleum Refinery increased the gantry price of Premium Motor Spirit (PMS) to ₦1,175 per litre.
The latest adjustment represents the third price increase within a week amid growing volatility in the fuel supply chain and shifting cost conditions in the domestic energy market.
Industry checks indicate that the new gantry price replaces the ₦995 per litre level announced just days earlier, a sharp increase of ₦180 per litre, or about 18 percent within a very short period.
In addition to petrol, the refinery also revised the gantry price of Automotive Gas Oil (diesel) to ₦1,620 per litre, further tightening cost conditions for transport operators, manufacturers and logistics companies across the country.
Market participants say the adjustment has already been communicated to petroleum marketers and depot operators, prompting an immediate update in pricing systems used across the downstream sector.
With the new gantry rate now serving as the benchmark for wholesale fuel transactions, analysts expect retail pump prices at filling stations nationwide to rise further with some locations already selling petrol above ₦1,200 per litre.
Higher fuel costs typically ripple across the broader economy as businesses adjust transportation and production expenses.
Economists warn that the latest increase could accelerate inflationary pressure as logistics costs rise for food distribution, manufacturing and other critical sectors.
The upward price movement also reflects broader supply and cost challenges within the domestic refining ecosystem. Market operators say recent shifts in crude procurement arrangements and global market conditions have significantly influenced replacement costs for refined products.
Nigeria has been attempting to stabilise domestic fuel supply through coordinated efforts involving the Nigerian National Petroleum Company Limited and international crude traders to secure feedstock for local refining operations.
However, industry officials note that such interventions may not immediately translate into lower pump prices for consumers as market forces continue to shape pricing across the value chain.