The price of petrol in Nigeria has increased again. The Dangote Petroleum Refinery has raised the price of Premium Motor Spirit (PMS) to N1,175 per litre, marking the third increase within one week.

The refinery also increased the gantry price of Automotive Gas Oil (diesel) to N1,620 per litre. A senior official confirmed the new prices, explaining that the adjustments reflect current market conditions and rising costs in the fuel market.

Industry pricing platforms have already updated the new rates, signalling another shift in Nigeria’s downstream petroleum market.

Impact on consumers and businesses

The latest increase is expected to affect fuel prices across the country. In many states, petrol is already selling for over N1,000 per litre at filling stations. Some stations are dispensing fuel at close to N1,200, some over N1,200 per litre.

Higher fuel prices could also push up transportation costs, logistics expenses, and production costs for businesses. These increases may eventually affect the prices of goods and services.

More adjustments could occur at filling stations nationwide as marketers respond to the new refinery price.

Industry watchers are also paying attention to possible reactions from regulators and consumer groups as prices continue to rise.

There may also be policy discussions or government measures aimed at stabilising the fuel market in the coming weeks.