Dangote Petroleum Refinery has raised the gantry price of Premium Motor Spirit (PMS) also known as Petrol 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.
A senior official of the refinery, who spoke on condition of anonymity because he was not authorised to comment publicly, confirmed the adjustment to correspondents, stating that the revision had already been communicated to marketers and depot operators.
“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.
“The market has been extremely volatile, and replacement costs have shifted significantly in recent days. These adjustments reflect prevailing market fundamentals and the cost environment we are currently operating in.”
Checks on the industry pricing platform, petroleumprice.ng 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.
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