Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, by N85 per litre, taking the new wholesale price to N1,350 per litre.
The latest adjustment represents a 6.7 per cent increase from the previous price of N1,265 per litre. Industry reports indicate that the new price reflects rising crude oil and international petroleum product replacement costs.
The increase is expected to place additional pressure on petrol marketers, who purchase products at the gantry before transporting them to filling stations and other retail outlets.
The development comes amid renewed volatility in global energy markets. International oil prices have risen as geopolitical tensions have disrupted crude supply and increased concerns over the availability of refined petroleum products.
Dangote Refinery has increasingly become a major supplier of refined petroleum products to the Nigerian market since it began commercial operations. The facility is currently capable of processing about 700,000 barrels of crude oil per day and is planning an expansion to 1.4 million barrels per day.
The refinery is also preparing for its planned initial public offering, which is expected to raise about N2.15 trillion. The IPO is scheduled to open on September 14 and close on October 13, according to the company's announced timetable.
For consumers, the increase in the refinery's wholesale price could translate into higher pump prices, depending on transportation costs, marketers' margins and prevailing prices across different locations.
The latest adjustment highlights the continued impact of global oil market movements on Nigeria's domestic fuel prices, even as the country expands local refining capacity.