The Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS) by N101, bringing the new rate to N875 per litre from N774.
A senior refinery official confirmed the adjustment, citing fluctuations in global crude oil prices as the key factor behind the review.
“Yes, the price has been reviewed.
The new gantry price is now N875 per litre from N774. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official said.
Industry checks on petroleumprice.ng showed the revised price had already taken effect, indicating a shift in downstream pricing benchmarks.
The price increase followed the refinery’s suspension of petrol loading operations starting at midnight on March 2, 2026.
The halt came amid a sharp rise in international crude oil prices, which surged past $80 per barrel.
Data from industry sources revealed that the suspension affected petrol only, while Automotive Gas Oil (diesel) continued to be loaded.
The stoppage paused product lifting and issuance of Proforma Invoices, temporarily freezing fresh transactions.
The refinery’s move triggered a ripple effect across the downstream sector, with several private depot owners nationwide suspending petrol sales.
“Several depot owners suspended PMS sales because of the crude rally.
The market is already factoring in risk premiums. Nobody wants to sell below replacement cost,” a downstream operator said.
Energy analysts have attributed the development to rising tensions between the United States and Iran, which have heightened concerns about potential supply disruptions, particularly in the strategic Strait of Hormuz.
Five energy experts interviewed by The PUNCH warned that sustained crude prices above $90 per barrel could lead to further increases in petrol and diesel prices in Nigeria.
They highlighted that global supply chain disruptions, rising shipping and insurance costs, and higher import and refining expenses could impact fuel affordability, despite Nigeria’s expanding local refining capacity.
