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The Dangote Petroleum Refinery has increased its ex-depot price of Premium Motor Spirit (PMS) to N875 per litre, up from N774, signalling a potential rise in fuel prices nationwide.
A senior official at the refinery confirmed the adjustment to Punch News, explaining that the price review was driven by shifts in global crude oil conditions and rising replacement costs.
“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 said.
The increase follows the refinery’s decision to suspend petrol loading operations from midnight on March 2, 2026, after international crude prices surged past $80 per barrel.
Industry sources said the halt affected product lifting and paused the issuance of new transaction invoices, though diesel supply remained unaffected.
The move triggered reactions across the downstream sector, with several private depot operators reportedly suspending petrol sales as concerns over rising costs rise.
Operators noted that many marketers are wary of selling below replacement value as market volatility intensifies.
“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 development comes against the backdrop of growing tensions between the United States and Iran, which have unsettled global oil markets and raised fears of supply disruptions, particularly around key shipping routes.
Energy analysts have warned that fuel prices in Nigeria could climb further if crude oil prices continue to rise, especially beyond $90 per barrel, citing the risk of higher import, refining, and logistics costs despite increased domestic refining capacity.
