Dangote Petroleum Refinery has increased its Premium Motor Spirit gantry price by N15 per litre, taking the rate to N1,200 from N1,185.
According to The Guardian, the new price takes effect on Wednesday, August 26, and comes only days after another adjustment by the refinery.
Petrol price rises N35 in five days
The latest increase follows a N20 adjustment announced on August 20, when the price moved from N1,165 to N1,185.
The two changes mean Dangote’s gantry petrol price has increased by N35 per litre within five days.
The latest adjustment comes as international crude oil prices have declined from levels recorded when the previous increase was announced.
Brent crude had traded above $93 per barrel around the earlier adjustment but subsequently slipped below $89.
Market pressure expected
The refinery also adjusted the price of petrol supplied through coastal arrangements.
Fuel marketers are expected to respond to the new commercial terms as they calculate replacement costs for fresh supplies.
Existing loading tickets are also expected to be repriced under the revised structure.
The development could place additional pressure on prices across Nigeria’s downstream petroleum market, where changes in refinery and depot rates often influence what motorists eventually pay at filling stations.
Attention will now turn to how marketers and retail outlets respond to the latest increase.
