Premium Motor Spirit (PMS) now costs N1,175 per litre on the gantry at the Dangote Petroleum Refinery. With this increase, the price of gasoline has increased three times in a single week. The most recent revision, which was shared with marketers and depot operators on Monday, increases the ex-depot price by ₦180 from ₦995 per litre (which was released on Friday). This represents an increase of 18.1% in just three days. Additionally, the refinery reportedly changed the gantry price of diesel (automotive gas oil) to ₦1,620 per litre.
The latest increase comes after gantry prices were raised last week from ₦774 to ₦995 per litre. According to business owners, the hike might make goods and transportation even more expensive, making it harder for households that already have to deal with significant inflation.
The gantry price of Automotive Gas Oil (AGO), commonly referred to as diesel, was modified by the refinery to around ₦1,620 per litre. The development coincides with increased petroleum prices associated with geopolitical tensions in the Middle East and instability in the world's oil markets. Crude oil prices have risen from $92.69 a barrel yesterday to $104.4 as of the time this report was filed.
In the meantime, marketers operating under the auspices of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have cautioned that if the ongoing conflict in the Middle East continues, Premium Motors Spirit may increase to over N2,000 per litre and diesel may exceed N3,000 per litre.
Billy Gillis-Harry, the National President of PETROAN, issued the warning on Monday in Port Harcourt at a keynote speech titled "Deconstructing Energy Trilemma," which was hosted by the Department of Petroleum Economics and Policy Studies at Ignatius Ajuru University ofEducation.
