The price of Premium Motor Spirit (PMS), commonly called petrol, has risen sharply across Nigeria following an upward adjustment in the gantry price by the Dangote Refinery and subsequent increases by private depot operators.

In an email to customers, Dangote Refinery announced that effective 5:30 p.m. Friday, the gantry price of petrol would rise from ₦899.50 to ₦955 per litre for purchases of 2–4.99 million litres, and from ₦895 to ₦950 per litre for quantities of 5 million litres and above. The refinery noted that all stock balances yet to be lifted as of the effective time would be repriced at the new rates.

The increase, which represents a 6.17% hike from the discounted rates introduced in December 2024, is attributed to rising crude oil prices. Brent crude recently surged to $80 per barrel, raising production costs for refined products.

The price adjustment has had immediate ripple effects on the downstream petroleum sector. Private depots, even with old stock, raised their prices significantly. For instance:

• Sahara Depot increased its price to ₦970/litre from ₦950.

• Pinnacle Depot raised its price to ₦970 from ₦921.

• NIPCO Depot increased its cost to ₦980 from ₦950.

• Rainoil Depot moved up to ₦970 from ₦950.

• Depots in Calabar, such as Alkanes, now charge ₦1,000/litre, while Zone 4 and Mainland depots raised prices to ₦1,005/litre.

As a result, pump prices at retail outlets have surged, with petrol now selling between ₦1,050 and ₦1,150 per litre, depending on the location.

Industry experts warn that prices could rise further if crude oil prices continue to climb and the exchange rate does not improve. Festus Osifo, National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), noted that crude price trends would heavily influence the cost of petrol in the coming weeks.

This development comes amidst ongoing economic challenges, with rising fuel prices expected to further strain households and businesses across the country.