The Dangote Petroleum Refinery has announced a significant increase in its Premium Motor Spirit (PMS) gantry price, which has risen to N995 per litre. This change marks a sharp rise of N221 in just four days, triggered by volatility in the global crude oil market and mounting replacement costs. A senior official from the refinery confirmed these details, noting that the price adjustments reflect ongoing shifts in the fundamentals of the oil market.

Prior to this increase, petrol was sold at N874 per litre, following an increase earlier in the week where the ex-depot price was elevated from N774 to N874. This recent pricing trend is concerning for consumers and businesses alike, as it indicates a volatile pricing environment in the domestic petroleum market. The swift rise from N774 to N995 in just days highlights the impact of global oil price fluctuations on local markets.

This new price adjustment could have significant implications for transportation and general commodity prices across Nigeria, as the cost of petrol directly influences the economy. With the latest data corroborated by petroleumprice.ng, it remains crucial for consumers to stay informed about further pricing changes in the energy sector.