The Dangote Petroleum Refinery has again increased the price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,175 per litre, marking the third price increase within one week.
The refinery communicated the new pricing to fuel marketers on Monday.
The latest adjustment raises the gantry price of petrol from N995 per litre, which was announced on Friday, to N1,175 per litre.
This represents an increase of N180, or about 18.1 percent in just three days.
In addition, the refinery also reviewed the price of Automotive Gas Oil (AGO)**, commonly known as diesel, setting the new gantry price at N1,620 per litre.
Checks by First Daily correspondent on the industry pricing website, 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.
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.
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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.
A bus driver who spoke to our correspondent in condition of anonymity said that he bought fuel at the price of N1,50 in the Ketu area of Lagos state.
The latest hike is expected to trigger another round of increases at filling stations nationwide, as higher fuel costs typically translate into higher transportation, logistics, and production costs for businesses.
It also betrays efforts by the Federal Government, through the Nigerian National Petroleum Company Limited, to secure crude oil supply for the Dangote Petroleum Refinery through third-party international traders, in a bid to sustain domestic refining operations.
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.