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For the third time in a week, Dangote Petroleum Refinery has increased the gantry price for selling Premium Motor Spirit to N1,175 per litre.
The refinery announced the new prices to marketers on Monday, raising the gantry price of Premium Motor Spirit by N180 to N1,175 per liter from N995 per liter announced on Friday, representing an increase of about 18.1 per cent in three days.
The government also revised the gantry price of Automotive Gas Oil, commonly known as diesel, to N1,620 per litre.
The price of petrol at the gantry had previously been increased from N774 to N995 per litre, forcing petrol pump prices in some states above N1,000 per litre, even as some petrol stations dispense petrol at around N1,200/litre.
The company had temporarily halted petrol sales on Sunday, fueling speculation that a price increase was imminent.
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At 12 noon on Monday, the revised rates were uploaded on the industry pricing platform, petroleumprice.ng, indicating a shift in the reference prices used by downstream marketers.
There are concerns in many sectors of the economy that the increase in petrol prices will lead to an increase in the prices of goods and services, thereby adding to the economic pressure on Nigerians.
This latest increase is expected to trigger another increase in fuel stations nationwide, as higher fuel costs usually mean higher transportation, logistics and production costs for businesses.
Many Nigerians who have been paying attention to recent developments are of the opinion that the increase in fuel prices is a reaction to the ongoing crisis in the Middle East, and the surge in crude oil prices in the international market.
They argue that if it were not for the Dangote Refinery, fuel would become scarce and Nigerians would once again face long queues at petrol stations, and turn to the black market for fuel at exorbitant prices as has happened in past crises.
