Petrol prices are closing in on N1,400 per liter in parts of Nigeria after Dangote Petroleum Refinery increased its gantry price for the third time in just eight days.
The latest adjustment moved the refinery’s price from N1,200 to N1,265 per liter on August 29, bringing the total increase within the period to N100.
The News Chronicle reports that pump prices have already risen to about N1,310 in Lagos and Ogun, while consumers in some northern states are paying N1,350 or more.
Dangote attributed the increases to the cost of crude purchased earlier, explaining that shipping and delivery timelines mean current international crude prices do not immediately determine the cost of refined petrol.
Transportation expenses from the coastal refinery have also contributed to regional price differences.
Marketers are increasingly concerned about the frequent changes. IPMAN spokesman Chinedu Ukadike said market volatility, exchange rate movements and government policies were making business planning difficult.
The latest development comes despite Brent crude falling to about $88 per barrel on Friday.
Dangote said it plans to expand its free petrol distribution program nationwide, a move that could help reduce transportation costs and narrow price differences across regions.
With another N100 added to the refinery price in just over a week, motorists are now facing renewed pressure at the pumps.
