The Dangote Petroleum Refinery has increased its ex-depot price for Premium Motor Spirit (PMS), commonly known as petrol, from N774 to N875 per litre — a N101 jump that is expected to trigger fresh fuel price adjustments nationwide.
A senior official at the refinery confirmed the development on Monday, attributing the hike to rising global crude oil prices and higher replacement costs.
According to the official, the review became necessary following recent volatility in international oil markets, with crude prices climbing above the $80 per barrel mark.
Industry data also showed that the new gantry price has already been reflected across petroleum pricing platforms, signalling a shift in downstream market benchmarks.
The adjustment came shortly after the refinery suspended petrol loading operations at midnight on March 2, 2026. Sources said the halt affected product lifting and the issuance of Proforma Invoices, effectively pausing fresh PMS transactions.
However, the suspension was limited to petrol, as Automotive Gas Oil (diesel) continued loading without interruption.
The move sent ripples across the downstream sector, with several private depot owners reportedly suspending petrol sales during the day. Operators said the sharp rally in crude prices forced marketers to reassess pricing to avoid selling below replacement cost.
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“Nobody wants to sell at a loss with crude rising this fast,” one downstream operator noted, adding that the market is already factoring in risk premiums.
The global oil market has been unsettled by renewed tensions between the United States and Iran, raising fears of supply disruptions, especially around the strategic Strait of Hormuz — a key route for global oil shipments.
Energy experts have warned that if crude prices climb beyond $90 per barrel, Nigeria could see further increases in both petrol and diesel prices. They noted that prolonged instability in the Middle East could disrupt supply chains, raise shipping and insurance costs, and ultimately increase refining and import expenses — even as Nigeria expands its domestic refining capacity.
The latest price adjustment is likely to heighten concerns among consumers and businesses already grappling with high energy and transportation costs.
