Petrol Price Jumps to N1,175 as Dangote Hikes Fuel Cost Again

By: Abudu Olalekan

Just when Nigerians thought they could catch a breath, Dangote went ahead and hiked petrol prices. Again.

The Dangote Petroleum Refinery has pushed the gantry price of Premium Motor Spirit (PMS) up to N1,175 per litre. And no, this isn’t the first time — it’s actually the third adjustment in barely one week. The new rate was communicated to marketers on Monday, jumping from the N995 per litre that was announced just last Friday. That’s a whopping N180 increase, or roughly 18.1 per cent, in just three days.

Let that sink in.

Before all of this started, gantry prices sat at N774 per litre. Then it climbed to N995. Now we’re looking at N1,175.

It’s been one heck of a week, honestly.

And it’s not just petrol that got hit. Diesel — or Automotive Gas Oil, as the industry folks like to call it — has also been adjusted. It now goes for N1,620 per litre.

The refinery has blamed what it calls “extreme market volatility” and rising replacement costs tied to fluctuations in global crude oil markets.

And to be fair, global oil prices have surged past $100 per barrel, reaching levels not seen in nearly four years. Brent crude was trading at $108.69, up about 17 per cent.

Retail pump prices in several states have already crossed the N1,000 mark, with some filling stations reportedly selling at around N1,200 per litre.

That’s the reality Nigerians are waking up to right now.

This latest hike is expected to trigger yet another round of price increases at fuel stations across the country, as higher fuel cost typically trickle down into transportation, logistics, and production expenses.

Meanwhile, the Federal Government, through the NNPC, has been making efforts to secure crude oil supply for the Dangote refinery using third-party international traders — but officials have already warned that the intervention may not translate into lower prices anytime soon.

It’s a tough time. And it don’t look like its getting better just yet.