The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) or petrol gantry price by N100, raising the ex-depot rate from N774 to N874 per litre, amid renewed volatility in global crude oil markets.
An official confirmed the adjustment on Monday, attributing the decision to recent fluctuations in international crude prices and rising replacement costs, explaining that the revision became necessary due to changes in global crude fundamentals and replacement costs.
Market checks indicated that the revised pricing had already been implemented, signalling a shift in downstream benchmarks that could translate into higher pump prices nationwide.
The price adjustment followed the refinery’s suspension of petrol loading operations effective midnight on March 2, 2026, after global crude oil prices surged past the $80 per barrel mark overnight.
Industry sources said petrol loading and the issuance of proforma invoices were temporarily halted, effectively pausing fresh petrol transactions. However, the suspension applied strictly to petrol, as Automotive Gas Oil (AGO) or diesel continued to load without disruption.
The move triggered reactions across the downstream sector, with several private depot owners also suspending petrol sales during the trading day in response to the crude rally.
Several depot owners were said to have halted petrol sales because of the surge in crude prices, as the market is already factoring in risk premiums.
The development comes amid heightened global oil market volatility linked to rising tensions between the United States and Iran, which have raised concerns about potential supply disruptions, particularly along the strategic Strait of Hormuz.
Energy analysts have warned that if crude prices continue their upward trajectory towards $90 per barrel, Nigeria could witness further increases in petrol and diesel prices, driven by higher shipping, insurance and refining costs despite the country’s expanding local refining capacity.
Checks on petroleumprice.ng indicated that the new pricing had already been implemented, signaling a shift in downstream benchmarks that will likely affect petrol retail prices across the country.
