By Atinuke Alao
For motorists and other consumers of Premium Motor Spirit (PMS) also known as fuel, the last may yet to be heard about persistent hike in the prices of the product.
Just this evening (Tuesday), the Dangote Petroleum Refinery, for the umpteenth time, hiked the gantry price of petrol and diesel, further tightening pressure on consumers and businesses across Nigeria.
The fuel price was increased to N1,275 per litre as gantry price.
An impeccable source in the refinery confirmed to Wind Gate News that the refinery had adjusted its pricing in response to prevailing international crude oil benchmarks and market realities.
It was learnt that the increase came against the backdrop of the lingering crisis in the Middle East.
The new pricing template shows that petrol rose by N75 per litre to N1,275, representing an increase of about 5.02 per cent, while diesel jumped by N200 per litre to N1,950.
This marks a sharp increase from last month’s prices of N1,200 per litre for petrol and N1,750 for diesel, signalling that diesel is now on track to breach the N2,000 per litre mark at the pump, further intensifying cost pressures across the economy.
The source said, “The adjustment is in line with global market trends. You are aware of the ongoing tensions in the Middle East and how they have impacted crude oil prices. These are external factors that directly influence refined product pricing
“Petrol has been reviewed upward by N75 to N1,275 per litre, which is about a five per cent increase, while diesel has increased more significantly by N200 to N1,950 per litre. These changes reflect the realities of the international market.”
Market data from Petroleumprice.ng corroborated the development, indicating that the latest petrol price reflects a 5.02 per cent increase at the gantry level.
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