The Dangote Petroleum Refinery has raised the gantry price of Premium Motor Spirit, also known as petrol, to N1,175 per litre.

This marks the third upward adjustment within a single week.

The refinery notified marketers of the increase on Monday. It raised the gantry price of PMS from N995 per litre, which was announced on Friday. The change represents an increase of N180, or approximately 18.1 per cent, within three days.

The refinery also revised the gantry price of Automotive Gas Oil (diesel), commonly known as AGO, 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 our correspondent. He stated 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.”

The industry pricing platform, petroleumprice.ng, showed that the revised rates had already been updated across petroleum depot pricing systems. This indicates a shift in the benchmark price used by downstream marketers.

The latest hike follows earlier 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. Some stations are dispensing petrol at about N1,200 per litre. This intensifies economic pressures on Nigerians.

The new price is expected to trigger another round of increases at filling stations nationwide. Higher fuel costs typically translate into higher transportation, logistics, and production costs for businesses.

The price revision occurs despite efforts by the Federal Government, through the Nigerian National Petroleum Company Limited, to secure crude oil supply for the Dangote Petroleum Refinery. This was done 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.