Fresh concerns as petrol nears N1,500/L

Fresh concerns have emerged over another increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, following an upward review by the Dangote Petroleum Refinery, which raised its gantry price by N85 per litre amid a sharp rally in international crude oil prices. The refinery increased its PMS ex-gantry price from N1,265 to N1,350 per litre, a 6.7% increase, bringing the product closer to the N1,500 per litre threshold in parts of the country. The adjustment has triggered a fresh round of price increases by some major filling station operators, with motorists now paying between N1,395 and N1,460 per litre. Concerns are rising that petrol prices could climb further if the upward movement in crude oil prices and petroleum product replacement costs persists.

Read More