- Dangote Petroleum Refinery has raised its Premium Motor Spirit ex-depot price from ₦774 to ₦875 per litre following volatility in global crude markets.
- The increase has triggered depot suspensions and renewed fears of higher pump prices nationwide.
Dangote Petroleum Refinery has increased its Premium Motor Spirit gantry price by ₦101, raising the ex-depot rate from ₦774 to ₦875 per litre. The adjustment has heightened concerns about fresh increases in pump prices across Nigeria.
A senior refinery official confirmed the development, stating that the review followed volatility in global crude oil markets. He explained that changes in crude fundamentals and replacement costs necessitated the price adjustment.
Checks on Petroleumprice.ng showed that the revised price had already taken effect, signalling a shift in downstream pricing benchmarks. Consequently, marketers may adjust retail pump prices to reflect the higher ex-depot cost.
The price hike followed the refinery’s suspension of petrol loading operations effective midnight on March 2, 2026. Industry data showed that Premium Motor Spirit loading stopped at exactly midnight, and the refinery paused the issuance of Proforma Invoices, indicating a temporary halt in fresh transactions.
However, the suspension applied only to petrol. Automotive Gas Oil, commonly known as diesel, continued loading without disruption.
The refinery’s decision triggered a coordinated reaction across the downstream market. Several private depot owners suspended petrol sales during the trading day as crude prices surged. A downstream operator said traders factored in risk premiums and avoided selling below replacement cost.
The development coincides with rising global oil volatility linked to tensions between the United States and Iran. The crisis has heightened fears of supply disruptions, particularly around the Strait of Hormuz, a vital transit corridor for global crude shipments.
Energy experts warn that Nigeria could face further petrol and diesel increases if crude climbs above $90 per barrel. Sustained hostilities in the Middle East would likely raise shipping, insurance and refining costs. Therefore, local refining expansion may not fully shield consumers from global shocks.
With crude prices moving above $80 per barrel overnight, industry players expect additional adjustments if instability persists. In the coming days, motorists may encounter renewed pricing pressure at filling stations nationwide.