Petrol Prices Rise Again as Dangote Refinery Raises Gantry Price to N1,265/Litre

Fuel prices have risen across several Nigerian filling stations, with major retailers increasing their Premium Motor Spirit (PMS) pump prices to as high as N1,320 per litre.

A market survey conducted by DAILY POST on Monday found that filling stations operated by MRS, Ranoil, Empire Energy and others had adjusted their prices to between N1,310 and N1,320 per litre, compared with previous prices ranging from N1,230 to N1,299.

The latest adjustments mean motorists are now paying between N20 and N80 more for a litre of petrol, depending on the filling station. MRS recorded the biggest increase among the outlets surveyed, raising its price by N80 per litre.

Ranoil increased its pump price by N45 per litre, while Empire Energy raised its price by N25. The changes come amid fresh movements in the domestic petrol market following an increase in the price of refined products from the Dangote Refinery.

The mega refinery reportedly raised its gantry price by N65 per litre over the weekend, taking the price to N1,265 per litre. The increase has added fresh pressure to the cost of petrol supplied to downstream marketers.

The development also follows Dangote Refinery’s criticism of rising petrol imports. The refinery had blamed the situation on the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s issuance of import licences to petroleum marketers.

Dangote Refinery has also threatened to export its petroleum products and stop selling to petrol importers and marketers, further raising concerns about the direction of Nigeria’s fuel market.

With pump prices already exceeding N1,300 per litre at several filling stations, motorists and businesses are likely to keep a close watch on further changes in the cost of petrol and the impact on transportation and living expenses.