The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price by N101, raising the ex-depot rate from N774 to N875 per litre.
The adjustment, which took effect on Monday, is expected to trigger fresh concerns over a possible rise in pump prices across the country, as marketers adjust to the new benchmark.
A senior official of the refinery confirmed that the price review followed recent volatility in global crude oil prices. According to the official, the decision became necessary due to changes in international crude fundamentals and rising replacement costs.
Industry checks indicate that the revised rate has already been reflected in downstream pricing platforms, suggesting an immediate impact on product lifting and depot transactions.
The price hike comes shortly after the refinery suspended petrol loading operations effective midnight on March 2, 2026, amid a surge in global crude prices, which reportedly crossed the $80 per barrel threshold.
Industry data showed that PMS loading halted at exactly midnight, with the issuance of Proforma Invoices temporarily paused. However, Automotive Gas Oil (diesel) operations continued unaffected.
The development also prompted several private depot owners to suspend petrol sales during the trading day, as operators moved to avoid selling below replacement cost in a volatile market.
Energy experts have warned that sustained global tensions — particularly in the Middle East — could push crude prices even higher. Should crude exceed $90 per barrel, analysts say Nigeria may witness further increases in petrol and diesel prices despite growing local refining capacity.
The situation continues to evolve as stakeholders monitor international oil market trends and domestic supply dynamics.
