Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit to ₦1,175 per litre.
Consequently, this marks the third increase this week and the fourth in less than two weeks.
Dangote Raises Petrol Prices
On Monday, the refinery informed marketers, just three days after it set the last price at ₦995.
As a result, the ₦180 increase represents roughly 18%, reflecting rapid market fluctuations in Nigeria.
A refinery official explained that rising production costs and volatile markets forced the adjustments.
Additionally, the official confirmed that Automotive Gas Oil (diesel) also rose, now costing ₦1,620 per litre.
Market Reactions And Effects
Previously, the refinery suspended petrol loading and restricted truck-out operations, sparking speculation among traders.
Therefore, market participants anticipated the imminent petrol price hike.
Read Also: PMS Could Hit ₦2,000, PETROAN Pushes NNPC To Ramp Up Supply
Consequently, motorists will now likely pay over ₦1,200 per litre at fuel stations nationwide.
This increase directly adds financial pressure on commuters, households, and the wider Nigerian economy.
PETROAN Warns Of Further Hikes
Furthermore, PETROAN warned that PMS could reach ₦2,000 per litre amid ongoing Middle East tensions.
The association urged NNPCL to strengthen domestic refineries to reduce Nigeria’s exposure to global price shocks.
During a keynote in Port Harcourt, PETROAN President Billy Gillis-Harry highlighted the dramatic fuel price rise.
He explained that PMS moved from ₦774 to above ₦1,000, while AGO jumped from ₦950 to over ₦1,400.
If the tensions persist, he warned, petrol may near ₦2,000 per litre, and diesel could reach ₦3,000.
Ultimately, such rises will heavily affect consumers, businesses, and the stability of Nigeria’s downstream petroleum market.