The rising cost of fuel in Nigeria may worsen as the Dangote Petroleum Refinery has increased the price of petrol, to N1,175 per litre.
The latest adjustment, announced to fuel marketers on Monday, represents the third price increase within a week. The new rate replaces the N995 per litre price introduced just days earlier, reflecting an increase of N180 per litre, or roughly 18 percent in three days.
Alongside the petrol price revision, the refinery also raised the gantry price of Automotive Gas Oil (diesel) to N1,620 per litre, according to industry sources.
Checks on the petroleum industry pricing platform petroleumprice.ng indicate that the updated prices have already been reflected across depot pricing systems used by downstream operators, signalling that marketers may soon adjust their retail pump prices.
The repeated increases highlight the volatility currently affecting Nigeria’s fuel market. Industry insiders say fluctuations in crude supply, exchange rates, and rising replacement costs have contributed to the continuous adjustments in prices.
Within the past week alone, petrol prices at the refinery have moved significantly from N774 per litre to N995, and now N1,175 per litre. The rapid surge has already begun to reflect at the retail level, with many filling stations across the country selling petrol above N1,000 per litre, while some outlets now dispense fuel for as much as N1,200 per litre.
Analysts warn that the latest hike could trigger another round of price increases nationwide. Higher petrol prices typically affect transportation, logistics, and manufacturing costs, which often translate into higher prices for goods and services.
The development is also coming amid efforts by the Nigerian National Petroleum Company Limited to secure crude oil supply for the refinery through international trading partners in order to sustain local refining operations.
Despite these interventions, industry observers caution that the measures may not immediately result in lower fuel prices for consumers, as market realities and supply costs continue to influence pricing across the downstream petroleum sector.
For many Nigerians already struggling with rising living costs, the fresh petrol price increase is expected to place additional pressure on household budgets and businesses that rely heavily on fuel for daily operations.
