LAGOS — The Dangote Petroleum Refinery has adjusted its gantry price for Premium Motor Spirit (PMS) to N1,175 per litre, marking the third upward price review within a single week.
The new rate, announced to marketers on Monday, represents an 18.1 percent increase from the N995 per litre price set just last Friday. This latest move brings the total price jump to N401 within seven days, after starting the week at N774.
The refinery also revised the price of Automotive Gas Oil (Diesel) upward to N1,620 per litre.
David Bird, the Chief Executive Officer of Dangote Refinery, attributed the aggressive price hikes to a volatile international oil market. According to Bird, global crude prices spiked by nearly $30 in a 24-hour window following escalated geopolitical tensions between the United States, Israel, and Iran.
“The situation forced a temporary halt in loading operations on Monday morning to allow for a system-wide price update,” Bird stated, noting that the cost of Nigerian crude is currently trading at a premium of $3 to $6 above the Brent benchmark.
Despite a domestic agreement for crude supply in Naira from the NNPC, the refinery continues to source a significant portion of its 13 monthly cargoes through international traders to maintain production levels.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed concern over the development, warning that retail pump prices could soon exceed N1,250 per litre as marketers factor in transportation and logistics costs.
The rapid price adjustments have sparked fresh concerns over inflationary pressures on transport and food costs across the country.
