The price of Premium Motor Spirit (petrol) at retail pump stations may soon rise to between N980 and over N1,000 per litre, depending on location nationwide, following a fresh increase in the gantry price by the Dangote Petroleum Refinery, The PUNCH has learnt.
The development comes as the President of the Dangote Group, Aliko Dangote, unveiled plans to invest in electricity generation, alongside expansions into steel production and port infrastructure, as part of a broader ambition to industrialise Africa and strengthen domestic energy security.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed the likely retail price in a telephone interview on Monday.
“Following the increase by Dangote, the pump price will likely range between N980 and over N1,000 per litre, depending on location and logistics. This is largely the effect of the recent hike in global crude oil prices,” Ukadike said.
A senior official at the refinery first confirmed the price adjustment, noting that it was driven by volatility in the international crude oil market. “Yes, the price has been reviewed. The new gantry price is now N874 per litre from N774. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official said.