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 has heightened concerns over a fresh round of fuel price increases across Nigeria.
A senior official at the refinery confirmed the development to The PUNCH on Monday. The official said the review followed recent 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 reflected on the pricing platform. This suggests a shift in downstream pricing benchmarks.
The increase comes shortly after the refinery suspended petrol loading operations effective midnight on March 2, 2026. The decision followed a sharp surge in international crude oil prices, which crossed the $80 per barrel mark overnight.
Industry data showed that PMS loading stopped at exactly midnight. Product lifting and the issuance of Proforma Invoices were also halted, indicating that fresh transactions were temporarily paused.
However, the suspension applied only to petrol. Automotive Gas Oil, popularly known as diesel, continued to load at the facility.
The refinery’s action triggered a wider response in the downstream sector. Several private depot owners across the country reportedly halted 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 said.
The latest development comes amid heightened global oil market volatility linked to tensions between the United States and Iran. The situation has raised fears of supply disruptions, particularly around the Strait of Hormuz, a critical global oil transit route.
Energy experts have warned that Nigeria may witness further increases in petrol and diesel prices if crude oil climbs above $90 per barrel.
According to analysts who spoke with The PUNCH, prolonged hostilities in the Middle East could disrupt global supply chains. This may also increase shipping and insurance costs, raising import and refining expenses despite Nigeria’s expanding local refining capacity.
The situation is expected to keep fuel marketers and consumers on edge in the coming weeks.
