The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price by ₦101, raising the ex-depot rate from ₦774 to ₦875 per litre, sparking fresh concerns over a potential nationwide hike in pump prices.
A senior official of the refinery confirmed the development on Monday, attributing the adjustment to recent volatility in global crude oil prices.
“Yes, the price has been reviewed. The new gantry price is now ₦875 per litre from ₦774. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official stated.
Checks on petroleumprice.ng indicate that the revised price has already been reflected, signaling a shift in downstream pricing benchmarks.
The increase comes shortly after the refinery suspended petrol loading operations effective midnight on March 2, 2026, following a sharp rise in international crude oil prices, which crossed the $80 per barrel mark overnight.
Industry data show that PMS loading halted at exactly midnight, with the issuance of Proforma Invoices also suspended, indicating a temporary pause in fresh transactions. However, the suspension applied strictly to petrol, as Automotive Gas Oil (diesel) continued to load.
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The refinery’s move triggered a ripple effect across the downstream sector, with several private depot owners nationwide suspending PMS 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 development is unfolding amid heightened global oil market tensions linked to strained relations between the United States and Iran, raising fears of potential supply disruptions, particularly along the strategic Strait of Hormuz.
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 them, sustained geopolitical tensions in the Middle East could disrupt supply chains, increase shipping and insurance costs, and drive up refining and import expenses, despite Nigeria’s expanding local refining capacity.
With the new ex-depot price at ₦875 per litre, analysts say retail pump prices may adjust upward in the coming days, depending on distribution costs and marketers’ margins.
The situation continues to evolve as stakeholders monitor global crude trends and their impact on Nigeria’s downstream petroleum sector.
