The Dangote Petroleum Refinery has announced a significant increase in the price of Premium Motor Spirit (petrol), raising it to N1,275 per litre, marking the fifth adjustment in March alone. This latest hike of N100 represents an 8.5% increase from the previous price of N1,175 per litre, which was already a rise from a prior adjustment made just hours earlier. The rapid and repeated price changes indicate a troubling trend of volatility within Nigeria's deregulated downstream oil sector.

In addition to the petrol price hike, the refinery has also raised its coastal price from N1,512,648 to N1,646,748 per metric tonne, reflecting an 8.9% increase. This adjustment further emphasizes the fluctuations in oil pricing and supply that marketers and consumers must navigate. The refinery’s notice to stakeholders highlights the urgency of this situation by stating that previous pricing templates are no longer valid, indicating an evolving market condition that requires immediate attention and adaptation from consumers and retailers alike.

This ongoing volatility in fuel prices has significant implications for the Nigerian economy, particularly for consumers and transport operators who rely heavily on petrol. As prices continue to change rapidly, there are growing concerns regarding the affordability of fuel and its potential impact on inflation and the cost of living in Nigeria. The frequent adjustments reflect an unstable market environment that could pose challenges for economic stability in the months ahead.