NIGERIA: Dangote Refinery Raises Petrol Gantry Price To N1,175 Per Litre

By Ameenat Hamzat, Lagos, Nigeria

The Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,175 per litre, marking another upward adjustment in fuel pricing.

The latest increase represents the third price review within seven days and was communicated to petroleum marketers and depot operators on Monday.

The new price rose sharply from N995 per litre announced last Friday, representing an increase of N180 per litre.

Industry operators say the adjustment may lead to a fresh rise in pump prices at filling stations across the country, further increasing transportation and commodity costs.

The refinery also adjusted the gantry price of Automotive Gas Oil (AGO), commonly known as diesel, to about N1,620 per litre.

The development comes amid renewed volatility in global oil markets, with crude oil prices rising due to geopolitical tensions in the Middle East.

As of the time of the report, crude oil prices had climbed to about $104.4 per barrel, up from $92.69 recorded the previous day.

Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria has warned that petrol prices could climb close to N2,000 per litre if the conflict in the Middle East continues to escalate.

National President of the association, Billy Gillis-Harry, raised the concern on Monday in Port Harcourt while delivering a keynote address at an event organised by the Department of Petroleum Economics and Policy Studies at Ignatius Ajuru Univer

sity of Education.