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Dangote Refinery Hikes Petrol Price to N1,175 Per Litre Amid Rising Fuel Costs in Nigeria
The Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, to N1,175 per litre, marking the third price increase within one week.
The latest adjustment represents an N180 increase from the N995 per litre price announced on Friday, reflecting an 18.1 per cent rise within three days.
In addition, the refinery also reviewed the gantry price of diesel upward to N1,620 per litre, further raising concerns among industry stakeholders about the rising cost of petroleum products in Nigeria.
A senior official of the refinery confirmed that the updated prices had already been communicated to fuel marketers and depot operators, explaining that the adjustment was driven by volatile market conditions and rising replacement costs.
The latest hike follows earlier price changes that pushed petrol prices from N774 to N995 per litre within days, with pump prices in some states already approaching N1,200 per litre.
Energy analysts warn that the continuous rise in fuel prices could trigger higher transportation and production costs, which may subsequently lead to increased prices of goods and services across the country.
The development comes amid ongoing concerns about inflation and the broader impact of fuel price fluctuations on household spending and business operations.
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