By: Success Benjamin
The Dangote Petroleum Refinery has increased its gantry price for Premium Motor Spirit (PMS), commonly known as petrol, to ₦995 per litre, marking a sharp rise within four days.
Industry sources confirmed that the latest adjustment represents an increase of ₦221 from the previous price of ₦774 per litre recorded earlier in the week.
A senior official of the refinery, who spoke on condition of anonymity, confirmed the development on Friday night, stating that the new price reflects changes in global oil market conditions.
According to the official, the refinery had earlier raised its ex-depot price from ₦774 to ₦874 per litre before the latest adjustment to ₦995 per litre.
Checks on petroleumprice.ng also indicated that the updated gantry price had already been reflected on the portal.
Industry stakeholders say the increase could trigger another rise in retail pump prices across Nigeria, with estimates suggesting that petrol could sell for above ₦1,050 per litre in several locations depending on transportation costs and marketers’ margins.
The price adjustment followed a temporary suspension of petrol loading operations at the refinery earlier on Friday.
Sources said truck-out activities were halted around 2:00 a.m., leaving depot owners and bulk marketers uncertain about the refinery’s next pricing direction.
Market participants noted that similar pauses in product loading have historically preceded price adjustments at the facility.
Officials of the refinery have consistently defended their pricing structure, explaining that petrol prices must reflect prevailing global market realities.
In a statement issued earlier, the refinery said pricing adjustments are influenced by international crude oil prices, logistics costs and operational factors.
The company also noted that Nigeria has transitioned to a fully deregulated downstream petroleum market, where fuel prices are largely determined by global crude oil prices, foreign exchange rates and supply dynamics.
The refinery further stated that it had absorbed about 20 percent of rising operational costs in an effort to reduce pressure on the domestic market.
Meanwhile, data from the Major Energies Marketers Association of Nigeria (MEMAN) indicates that imported petrol currently remains slightly cheaper than locally refined products.
According to MEMAN’s pricing data, while the refinery’s gantry price previously stood at ₦874 per litre, the landing cost of imported petrol was estimated at ₦809.37 per litre, making imported fuel about ₦64 cheaper at the time.
