DANGOTE REFINEY SHOCKS NIGERIA: PETROL PRICE SOARS TO N1,175, DIESEL HITS N1,620
GREATRIBUNETVNEWS–DANGOTE Petroleum Refinery has increased the price of petrol to N1,175 per litre, marking the third upward adjustment within a week. The refinery also revised the gantry price of diesel to N1,620 per litre .
Key Issues:
– _”The latest adjustment represents the third price increase within a week amid growing volatility in the fuel supply chain and shifting cost conditions in the domestic energy market.”_
– Petrol Price Hike: Increased from N995 to N1,175 per litre, an 18.1% rise in three days.
– _”The refinery equally revised the gantry price of Automotive Gas Oil, commonly known as diesel, to N1,620 per litre.”_
– Diesel Price Hike: Increased to N1,620 per litre.
– _”Economists warn that the latest increase could accelerate inflationary pressure as logistics costs rise for food distribution, manufacturing and other critical sectors.”_
– *Market Impact*: Expected to affect transportation costs, food prices, and overall economy.
Recently, the refinery increased its PMS to N995 per litre, up from N874 at the weekend, a hike that has pushed fuel pump price to above N1,000 per liter nationwide
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