By Ibrahim Salaudeen, Lagos
The Dangote Petroleum Refinery has again increased the price of Premium Motor Spirit (PMS), marking the third upward adjustment within one week amid rising global crude oil prices linked to the escalating crisis in the Middle East.
The refinery on Monday notified marketers of a new gantry price of N1,175 per litre for petrol, up from N995 per litre announced on Friday, representing an increase of N180 or about 18.1 per cent within three days.
Industry analysts say the latest hike reflects growing pressure in the global energy market following tensions and military activity in the Middle East, a major oil-producing region, which has pushed crude oil prices upward and affected the cost of refined petroleum products.
In addition to the petrol adjustment, the refinery also revised the gantry price of Automotive Gas Oil (AGO), commonly known as diesel, to N1,620 per litre.
The latest increase follows an earlier adjustment in which the refinery raised the PMS price to N995 per litre from N874 at the weekend, a move that has already pushed pump prices in several parts of the country above N1,000 per litre.
Oil marketers say the repeated price changes are likely to reflect at filling stations across Nigeria in the coming days as retailers adjust to the new supply cost.
The development is expected to intensify concerns over rising transportation and commodity prices, as petrol remains a major driver of inflation in Nigeria’s economy.
