Nigeria is seeing a significant rise in petrol prices following a decision by the Dangote Petrochemical Refinery to raise the cost of Premium Motor Spirit (PMS), commonly known as petrol.

The refinery has increased its price from ₦899 per litre to ₦955 per litre at its loading gantry. As a result, petrol pump prices across Nigeria are now ranging between ₦1,050 and ₦1,150 per litre, depending on the region.

This ₦55.5 per litre increase represents a 6.17% surge from the previously discounted price of ₦899.50 per litre, which was offered in December as a holiday promotion. In a statement sent to customers, the Dangote Refinery confirmed that the new prices for refined products would apply immediately. The refinery also introduced a tiered pricing structure based on purchase volumes: marketers buying between 2 million and 4.99 million litres will pay ₦955 per litre, while those purchasing 5 million litres or more will enjoy a slightly lower rate of ₦950 per litre.

The price hike is largely driven by the recent increase in crude oil prices, which has pushed up production costs for petrol. Many private depots have followed suit, adjusting their prices to reflect the higher costs. According to Punch, depots with old stock have also raised their prices, with Lagos-based depots now charging ₦970 per litre and those in Calabar seeing rates as high as ₦1,000 per litre.

This rise in petrol prices is expected to impact various sectors across Nigeria, potentially leading to higher transportation and goods costs for consumers.