By Abubakar Yunusa
The Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit, popularly known as petrol, to N1,175 per litre.
The latest adjustment, announced to petroleum marketers and depot operators on Monday, marks the third upward review in fuel pricing within seven days.
The new rate represents a sharp rise from N995 per litre announced last Friday, indicating a significant jump in the refinery’s ex-depot price.
The N180 increase per litre translates to an 18.1 per cent surge within just three days, sparking fears of another round of pump price hikes at filling stations nationwide.
Industry operators warned that the development could push up transportation costs and prices of goods, further worsening the hardship faced by many Nigerian households already battling high inflation.
The refinery also reviewed the gantry price of Automotive Gas Oil, also known as diesel, to about N1,620 per litre.
Analysts linked the latest price adjustment to growing volatility in the global oil market, driven largely by rising crude oil prices amid renewed geopolitical tensions in the Middle East.
Checks on Monday showed that crude oil prices had climbed to $104.4 per barrel, up from $92.69 recorded the previous day.
Meanwhile, marketers under the umbrella of the Petroleum Products Retail Outlets Owners Association of Nigeria warned that petrol prices could surge close to N2,000 per litre if the ongoing Middle East conflict persists.
The National President of the association, Billy Gillis-Harry, raised the alarm on Monday in Port Harcourt while delivering a keynote address titled “Deconstructing Energy Trilemma.”
The lecture was organised by the Department of Petroleum Economics and Policy Studies at Ignatius Ajuru University of Education.
Gillis-Harry also warned that diesel prices could climb towards N3,000 per litre if the geopolitical tensions continue to disrupt global crude supply chains.
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