Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,175 per litre, marking a sharp rise within a short period.
The refinery notified fuel marketers of the new pricing on Monday, raising the gantry price of petrol from N995 per litre announced on Friday to N1,175 per litre.
The adjustment represents an increase of N180, or about 18.1 percent, within three days.
In addition to petrol, the refinery also reviewed the gantry price of Automotive Gas Oil (diesel), setting the new rate at N1,620 per litre.
The latest price increase is expected to have significant implications for Nigerians, as rising petrol costs often lead to higher transportation fares and increased prices for goods and services across the economy.
Consumers and businesses are likely to feel the immediate impact, particularly in major urban centres where fuel consumption and logistics costs are high.
Industry analysts say the recent surge in fuel prices may be influenced by global oil market conditions, refining costs, and distribution expenses.
However, the rapid succession of price increases within a single week has raised concerns about affordability and the growing strain on household budgets.
Experts warn that continued volatility in fuel prices could intensify economic pressure on ordinary Nigerians, affecting transportation costs, food prices, and the cost of other basic commodities.
For many households and businesses, the adjustment signals another period of rising living expenses as energy costs continue to climb.
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