The Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit (petrol) to N1,175 per litre, marking the third price hike within one week.

The new price represents an N180 increase from the N995 per litre announced on Friday, reflecting about 18.1 per cent rise within three days. The refinery also revised the gantry price of diesel to N1,620 per litre.

A senior official of the refinery confirmed that the updated prices had already been communicated to marketers and depot operators, citing volatile market conditions and rising replacement costs as reasons for the adjustment.

The latest increase follows earlier adjustments that pushed petrol prices from N774 to N995 per litre, with pump prices in some states already nearing N1,200 per litre.

Analysts say the hike could lead to higher transportation and production costs, which may further increase the prices of goods and services across the country.