The Dangote Petroleum Refinery has raised the ex-depot price of Premium Motor Spirit (PMS) by N101, lifting the rate from N774 to N875 per litre, in a move that could trigger nationwide fuel price hikes.
A senior refinery official confirmed the adjustment on Monday, attributing the increase to recent volatility in international crude oil markets.
“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 source said.
Investigations by industry watchers revealed that the revised rate is already reflected on petroleumprice.ng, signaling a likely shift in downstream pricing.
The hike followed the refinery’s suspension of petrol loading operations, effective midnight on March 2, 2026, after crude oil prices surged past $80 per barrel.
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Loading of PMS was halted, and Proforma Invoices were temporarily suspended, while diesel operations continued uninterrupted.
The development prompted several private depot owners nationwide to stop petrol sales during the trading day.
“Depot operators suspended PMS sales because of the crude rally. The market is factoring in risk premiums. Nobody wants to sell below replacement cost,” a downstream trader said.
Energy analysts warned that further increases could be imminent if crude prices climb above $90 per barrel, citing heightened tensions between the United States and Iran as a factor that could disrupt supply, raise shipping costs, and impact Nigeria’s fuel import and refining operations.
The PMS price adjustment comes amid growing concern over inflationary pressures in Nigeria’s fuel market, with consumers bracing for higher pump prices in the coming days.
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