By Elvira Jordan
The Dangote Petroleum Refinery has defended its latest increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, attributing the adjustment to the cost of crude oil purchased earlier and the logistics involved in transporting it to the refinery.
The explanation comes as petrol prices continue to rise across Nigeria, with pump prices now ranging between N1,310 and N1,400 per litre, depending on location.
In Lagos and Ogun states, petrol is selling at about N1,310 per litre, while prices have climbed to N1,350 or higher in northern states and other areas farther from the refinery.
The latest increase followed the refinery’s decision to raise its PMS gantry price by N65 per litre, from N1,200 to N1,265, effective August 29.
The adjustment marked the third price increase announced by the refinery within eight days, further pushing up the cost of petrol for consumers.
The refinery explained that the price adjustments were influenced by the cost of crude oil acquired earlier, as well as the lengthy process involved in purchasing, shipping and delivering crude to its facility for processing.
The latest petrol price increases have occurred despite a decline in international crude oil prices, adding to concerns among consumers and industry stakeholders over the factors driving domestic fuel prices.
The continued increase in petrol prices is expected to put additional pressure on transportation costs and household expenses as Nigerians grapple with the rising cost of living.
