Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS) at its gantry by N85 per litre, raising the wholesale price from N1,265 to N1,350.
The latest adjustment, representing a 6.7 per cent increase, comes amid a sharp rise in international crude oil prices and higher petroleum product replacement costs.
According to a report by petroleumprice.ng, the current PMS landing cost has risen to N1,311 per litre, meaning Dangote Refinery’s new ex-gantry price is now above the prevailing landing-cost benchmark.
The increase is expected to intensify pressure on downstream operators and could trigger further adjustments in petrol prices across the market as marketers reassess the cost of replenishing their stocks.
The new N1,350 per litre gantry price effectively becomes Dangote Refinery’s latest wholesale reference point, leaving depot owners and marketers to reassess their own selling prices.
The implication is that motorists could face higher prices at filling stations, adding to the financial burden of households and businesses that rely on petrol for transportation and power generation.
Reports have it that a fuel is sold at N1310 to N1,400 per litre up North while the latest price increase could compel fuel stations to increase the pump prices.