The Dangote Petrochemical Refinery has increased the ex-depot price of Premium Motor Spirit (PMS) to ₦1,175 per litre, reversing a brief reduction of ₦100 announced earlier this week, industry sources confirmed on Friday.
A senior refinery official, speaking anonymously, said the price adjustment followed a surge in global crude oil prices, which directly impacted refining costs. The ex-depot price had been temporarily lowered to ₦1,075 per litre on March 10, 2026, prompting increased buying by depot operators.
“Yes, it is true,” the official said regarding the upward price review.
The revision has disrupted trading activities across several petroleum depots, with depot operators in multiple hubs temporarily halting sales as they awaited clarity on the new pricing structure, according to market sources cited by Petroleumprice.ng.
Loading operations at the refinery were also briefly suspended to allow for stock reconciliation and alignment with the updated pricing framework.
The refinery attributed the price hike to rising global crude prices. Brent crude surged from around $91 per barrel to about $100 per barrel in recent days, pushing up refining costs.
The global oil price rally has been fueled by escalating tensions in the Middle East involving the United States, Iran, and Israel, raising fears of supply disruptions near the strategic Strait of Hormuz, a critical transit point for roughly 20 per cent of global oil shipments.
Nigeria’s benchmark crude, Bonny Light, also climbed above the psychological $100 per barrel mark amid the volatility, reflecting a growing “war premium” in global energy markets. At the peak of the rally earlier in the week, Nigerian crude prices briefly hit $120 per barrel before easing to around $100 per barrel as markets consolidated.
The upward revision at Dangote Petrochemical Refinery underscores the direct impact of global crude dynamics on domestic fuel prices and highlights ongoing vulnerability of local petrol pricing to geopolitical developments.
