The Dangote Refinery and Petrochemicals (DPRP) has increased the gantry price of Premium Motor Spirit (PMS) petrol to N1,175 per litre, up from N995 per litre, industry sources confirmed on Monday.
Alhaji Abubakar Maigandi, National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), told The Nation by phone that other depots have also adjusted their prices, with some now selling PMS at N1,200 per litre.
A source in the industry explained, “Dangote Refinery was selling petrol at N1,175/l while Pinnacle was selling it for N1,200/l,” adding, “but Dangote is not loading.”
The price adjustment comes amid escalating crude oil prices, which recently hit $115 per barrel due to crises in the Middle East. Crude oil forms the main component in the PMS pricing template, directly influencing downstream fuel costs.
Despite the gantry adjustments, retail outlets in the Federal Capital Territory (FCT) had not fully updated their pump prices at the time of reporting, with most still selling PMS between N1,075 and N1,090 per litre.