The cost of goods and services across Nigeria is expected to rise further following a fresh increase in petrol prices after the Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit to N1,175 per litre, marking the third upward adjustment within a week.<\/p>\n
The latest price revision comes hours after The PUNCH projected that petrol prices could rise for the third time within a week following the temporary suspension of petrol sales at the refinery on Sunday.<\/p>\n
The refinery announced the price hike to marketers on Monday, raising the gantry price of Premium Motor Spirit to N1,175 per litre from N995 per litre announced on Friday, representing an increase of N180 or about 18.1 per cent within three days. <\/p>\n
It also revised the gantry price of Automotive Gas Oil, commonly known as diesel, to N1,620 per litre. <\/p>\n
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, stating that the revision had already been communicated to marketers and depot operators.<\/p>\n
\u201cYes, the gantry prices have been adjusted. PMS is now N1,175 per litre while Automotive Gas Oil is N1,620 per litre,\u201d the official said.<\/p>\n
\u201cThe 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.\u201d<\/p>\n
Checks by our correspondent on the industry pricing platform petroleumprice.ng showed that the revised rates had already been updated across petroleum depot pricing systems, indicating a shift in the benchmark price used by downstream marketers.<\/p>\n
The new price is the third surge in petrol prices within a week, following 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, as some stations now dispense petrol at about N1,200\/litre, intensifying economic pressures on Nigerians.<\/p>\n
The latest hike is expected to trigger another round of increases at filling stations nationwide, as higher fuel costs typically translate into more expensive transportation, logistics, and production expenses for businesses.<\/p>\n
The increase comes despite efforts to ramp up crude supply by the Federal Government, through the Nigerian National Petroleum Company Limited, for the refinery through third-party international traders, in a bid to sustain domestic refining operations. <\/p>\n
Officials, however, warned that the intervention may not immediately translate into lower petrol prices for consumers. Nigerians currently grapple with high fuel prices, following the recent hikes in the cost of the commodities by the $20bn Lekki-based refinery.<\/p>\n
A senior NNPC official, who spoke on condition of anonymity because he was not authorised to speak publicly on the matter, said the crude was being sourced at prices that are competitive with prevailing international market rates.<\/p>\n
\u201cLeveraging our global crude trading network, we are sourcing third-party crude for the refinery at prices that are competitive with prevailing international market rates,\u201d the official said.<\/p>\n
He added that the government remained committed to ensuring stable crude supply for domestic refining.<\/p>\n
\u201cAs the national oil company entrusted with safeguarding Nigeria\u2019s energy security, NNPC Limited remains fully committed to supporting domestic refining, including the Dangote Petroleum Refinery. Within the framework of our existing agreements, we continue to facilitate crude supply to DRP, in the face of temporary availability constraints.\u201d<\/p>\n
However, the official cautioned that the intervention might not translate into immediate relief at the pump.<\/p>\n
\u201cThis will not necessarily impact price. The current Middle East crisis is affecting overall global energy prices, crude oil, LNG and other fuels, and that has implications for refined product pricing globally,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
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