The Dangote Petroleum Refinery has raised its Premium Motor Spirit (PMS) gantry price by N101, increasing the ex-depot rate from N774 to N875 per litre, a move expected to trigger fresh fuel price adjustments nationwide.
A senior official at the refinery confirmed the development on Monday, attributing the upward review to persistent volatility in global crude oil prices.
“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 stated.
Checks on petroleumprice.ng showed that the revised rate had already been updated, signalling a shift in downstream pricing benchmarks.
The price hike followed the refinery’s suspension of petrol loading operations effective midnight, March 2, 2026, after international crude oil prices surged past the $80 per barrel mark. Industry data indicated that PMS loading stopped exactly at midnight, halting product lifting and the issuance of Proforma Invoices — a sign that new transactions were temporarily paused.
The suspension, however, applied strictly to petrol, as Automotive Gas Oil (diesel) continued to load without interruption.
The refinery’s move sparked a ripple effect across the downstream sector, with several private depot owners reportedly halting petrol sales during the trading day.
“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 disclosed.
The latest development comes amid heightened volatility in the global oil market, largely driven by escalating tensions between the United States and Iran, raising fears of potential supply disruptions — particularly around the strategic Strait of Hormuz.
Energy experts have warned that Nigeria may witness further increases in petrol and diesel prices if crude oil prices climb beyond $90 per barrel. According to them, prolonged instability in the Middle East could disrupt supply chains, inflate shipping and insurance costs, and push up import and refining expenses — despite the country’s expanding domestic refining capacity.
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