The Dangote Petroleum Refinery has adjusted its ex-depot price for Premium Motor Spirit (PMS) to ₦1,175 per litre, marking a significant jump that is expected to ripple through Nigeria’s retail market.
This latest update, communicated to marketers on Monday, reflects a ₦180 increase from the ₦995 rate set just days ago. This follows a rapid succession of hikes within the first week of March, which saw prices climb from ₦774 to ₦874, then to ₦995, before reaching the current peak.
Key Drivers and Market Impact
Industry sources attribute these frequent revisions to the following factors:
Global Instability: Mounting geopolitical tensions, particularly in the Middle East, have disrupted supply chains and pushed international crude oil prices higher.
Market Volatility: The refinery continues to align its pricing with the shifting realities of the global downstream sector.
Economic Implications
The ₦1,175 gantry price is likely to trigger immediate adjustments at filling stations nationwide as marketers move to cover the higher procurement costs.
Because the Nigerian economy relies heavily on petrol for logistics, public transportation, and private power generation, there are growing fears that this trend will further drive up the cost of living and worsen inflationary pressures across the country.
