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, raising concerns over a possible nationwide fuel price hike.
A senior refinery official confirmed the adjustment on Monday, attributing it to recent fluctuations 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 said.
The price revision came shortly after the refinery suspended petrol loading operations at midnight on March 2, 2026, following a sharp surge in international crude oil prices, which crossed the $80 per barrel mark. The suspension halted PMS product lifting and issuance of Proforma Invoices, indicating a temporary pause in fresh transactions. Diesel loading, however, continued unaffected.
The refinery’s move triggered a ripple effect across the downstream sector, as several private depot owners nationwide suspended 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.
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The development coincides with heightened tensions in the Middle East, particularly between the United States and Iran, which have raised concerns over potential supply disruptions through the strategic Strait of Hormuz. Five energy experts interviewed by The PUNCH warned that Nigeria could see further increases in petrol and diesel prices if crude oil climbs above $90 per barrel.
They noted that sustained hostilities in the region could disrupt global supply chains, raise shipping and insurance costs, and push up import and refining expenses despite Nigeria’s expanding local refining capacity.