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Consumers may soon see petrol prices rise sharply across the country after the Dangote Petroleum Refinery increased its Premium Motor Spirit (PMS) gantry price to ₦875 per litre from around ₦774 per litre. This upward adjustment — driven largely by higher global crude oil costs and replacement cost pressures — is expected to push pump prices nearer to ₦980 to above ₦1,000 per litre, depending on location and logistics costs.
A senior refinery official confirmed the increase, attributing it to renewed volatility in global oil markets, particularly as crude prices have surged amid geopolitical tensions. Analysts say refiners and marketers often adjust retail prices to reflect ex-depot cost changes, meaning the new benchmark is likely to be passed on to consumers.
Industry checks have shown that petrol prices already vary widely across major cities, with some markups above ₦850 per litre before the latest gantry increase. With the new ex-depot rate, motorists may soon pay significantly more at retail stations, especially in areas with higher transportation and distribution costs.
Energy experts warn that further escalation in international crude prices or continued volatility could sustain upward pressure on domestic fuel costs, since a notable portion of crude feedstock processed by local refineries is still imported.
The expected price movement comes as Nigeria operates a deregulated fuel market, where pricing largely reflects global trends and domestic cost structures. Observers say consumers should brace for an adjustment cycle that could elevate transportation costs and widen the impact on the country’s cost of living.
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Oyetoke Adedayo Ebenezer
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