The Dangote Petroleum Refinery has announced a significant increase in the price of Premium Motor Spirit (petrol).
In just four days, the price at the refinery gate (gantry price) has jumped by ₦221, moving from ₦774 to ₦995 per litre. Experts warn this will likely push retail pump prices across Nigeria above ₦1,050 per litre.
The refinery's price rose twice this week, first to ₦874 and now to ₦995, citing shifts in the global oil market.
Because of transportation costs and profit margins for sellers, Nigerians should expect to see higher prices at local filling stations immediately.
Refinery officials explained that the new price reflects international crude oil costs and the reality of a deregulated fuel market in Nigeria.
Fuel loading was briefly stopped early Friday morning, a move that usually signals a price change is coming.
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