Petroleum Price Surges To ₦1,400 Per Litre As Nigerian Government Keeps Mum

Fresh concerns have emerged over the possibility of petrol prices in Nigeria surging as high as N3000 per litre, following a new increase in depot prices by Dangote Refinery, while the Presidency has declined to comment on the development.

Nigerians are already grappling with higher fuel costs after the price of Premium Motor Spirit (PMS) rose to about N1,400 per litre, while Automotive Gas Oil (diesel) climbed to N1,750 per litre at some filling stations.

The development followed a fresh adjustment by Dangote Refinery, which on Monday increased its gantry price for petrol to N1,175 per litre and N1,620 per litre for diesel.

The Nigerian Presidency has however not come out with an official position or measures to address the lingering crisis.

Already, many fuelling stations are adjusting their pump to show the new price.

Stations operated by brands such as Ranoil and Empire Energy, as well as other outlets in the Federal Capital Territory and surrounding areas, raised petrol prices to between N1350 and N1400 per litre.

Diesel prices also surged, with some filling stations selling the product at about N1,750 per litre, a significant jump from roughly N1,365 per litre recorded earlier.

Industry operators warn that the latest price adjustments could worsen if urgent steps are not taken to stabilize the market.

Daily Post quoted the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis‑Harry, as saying that petrol and diesel prices could rise dramatically in the coming months.

According to him, “We have a Naira-for-crude deal in place. However, the policy does not impact the crude oil price on the international crude oil market.

“The policy is only saving the dollar because the volatility of the currency is dependent on imports. Dangote has increased the petrol gantry price thrice due to the market realities.

“This is why we have urged the regulators to work towards a price stability programme without regulating price,” he noted.

The warning has heightened fears among consumers that the country could be heading toward another major fuel price shock if global oil prices remain volatile and local supply costs continue to rise.

Energy analysts say the current pricing structure means retail fuel prices are now largely influenced by international crude prices, exchange rate fluctuations and refinery operating costs, factors that could push pump prices significantly higher in the near term.

Already, as of the time of this report, oil prices have surged past $100 a barrel amid the fallout from the United States and Israel’s war on Iran.

Brent crude, the international benchmark, rose by more than 30 percent on Sunday, at one point topping $119 a barrel, as fears grew of prolonged disruption to global energy supplies.

The development marked the first time the price rose above $100 per barrel since Russia’s 2022 invasion of Ukraine.

Oil prices dropped back to about $110 per barrel after The Financial Times reported that the Group of Seven finance ministers would discuss the release of petroleum reserves in coordination with the International Energy Agency.

SaharaReporters reported and monitored by NaijaChoice News that fresh economic hardship may be on the horizon for millions of Nigerians after the Dangote Petroleum Refinery increased the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,175 per litre, marking the third price hike within one week.

The latest price adjustment was communicated to petroleum marketers on Monday, raising the ex-depot price from N995 per litre announced on Friday, representing an increase of N180 or about 18.1 per cent within just three days.

The refinery also revised the gantry price of Automotive Gas Oil (diesel) to N1,620 per litre, further heightening concerns among businesses already struggling with rising operating costs.

Checks by SaharaReporters on the industry pricing platform petroleumprice.ng showed that the revised rates had already been updated across petroleum depot pricing systems, signalling an immediate shift in the benchmark price used by downstream marketers across the country.

The new increase represents the third surge in petrol prices within a week, following earlier adjustments that pushed the refinery’s gantry price from N774 to N874, and subsequently to N995 per litre before the latest hike to N1,175.