A LITRE price of petrol in Nigeria may soon hit N1,500 after the Dangote Petroleum Refinery raised its ex-depot (gantry) price of petrol to N1,175 per litre on Monday, March 9.

The hike, the third recorded in a week, comes shortly after reports indicated that another rise in petrol prices was likely, especially after the refinery briefly stopped petrol sales on Sunday.

On Monday, fuel marketers were notified that petrol gantry price at the refinery had moved from N995 per litre to N1,175 per litre. The new rate represents an increase of N180, which is roughly 18.1 per cent in just three days.

The refinery also updated the price of diesel, fixing it at N1,620 per litre.

A senior staff member of the refinery, who spoke anonymously because he was not authorised  to speak, confirmed the development.

“Yes, the gantry prices have been adjusted. PMS is now N1,175 per litre while Automotive Gas Oil is N1,620 per litre,” the official said, adding that “the market has been extremely volatile, and replacement costs have shifted significantly in recent days. These adjustments reflect prevailing market fundamentals and the cost environment we are currently operating in.”

Information obtained from the petroleum pricing website Petroleumprice.ng showed that the new figures had already been reflected on depot pricing systems used by operators in the downstream sector.

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

Following these changes, many filling stations in different parts of the country have already adjusted their pump prices, with petrol selling for about N1,200 per litre in some locations, adding to the financial burden faced by many Nigerians.

Industry observers say the higher fuel cost could push up transport fares and the cost of moving goods, which may eventually affect prices of items and services across the country.

The development also comes despite attempts by the Federal Government, through the Nigerian National Petroleum Company Limited, to help the refinery secure crude oil supplies through foreign trading partners in order to maintain local refining.

However, officials say the move may not quickly translate to cheaper petrol for consumers, as the country continues to experience rising fuel costs.