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Nigeria may soon see the price of petrol rise to N1,500 per litre after the Dangote Petroleum Refinery increased its ex-depot (gantry) price of petrol to N1,175 per litre on Monday, March 9.

The latest adjustment marks the third increase within a week, coming shortly after reports suggested another price hike was likely, especially after the refinery briefly suspended petrol sales on Sunday.

Fuel marketers were informed on Monday that the refinery had raised the gantry price from N995 per litre to N1,175 per litre, representing an increase of N180, or about 18.1 percent, in just three days.

The refinery also revised the price of diesel, setting Automotive Gas Oil (AGO) at N1,620 per litre.

A senior refinery official, who requested anonymity because he was not authorised to speak publicly, confirmed the development. According to the official, the adjustments were necessary due to volatile market conditions and rising replacement costs.

“Yes, the gantry prices have been adjusted. PMS is now N1,175 per litre, while Automotive Gas Oil is N1,620 per litre,” the source said, noting that recent shifts in market conditions and operational costs influenced the decision.

Data from the petroleum pricing platform Petroleumprice.ng also showed that the new prices have already been updated across depot pricing systems used by operators in the downstream sector.

The current increase follows earlier price adjustments that pushed the depot price of petrol from N774 per litre to N995 per litre within a week.

As a result, many filling stations across Nigeria have begun adjusting their pump prices, with petrol already selling for around N1,200 per litre in some areas.

Industry experts warn that the rising cost of fuel could lead to higher transportation fares and increased logistics costs, which may eventually drive up the prices of goods and services across the country, adding to the financial pressure on many Nigerians.