The Dangote Petroleum Refinery & Petrochemicals has increased the ex-depot price of Premium Motor Spirit (petrol) to ₦1,175 per litre, reversing an earlier reduction announced earlier in the week as global crude oil prices continue to rise.
A senior refinery official, who spoke anonymously because he was not authorised to comment publicly, confirmed on Friday that the adjustment followed a brief price cut to ₦1,075 per litre on March 10, 2026, which had triggered increased buying activity among petroleum depot operators.
Checks by the industry monitoring platform Petroleumprice.ng also confirmed the development, noting that the sudden upward review disrupted trading activities at several petroleum depots.
Market sources said depot owners in multiple fuel distribution hubs temporarily halted transactions while awaiting further clarification on the new pricing framework.
Loading operations at the refinery were also briefly suspended to allow for stock reconciliation and alignment with the revised pricing structure.
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According to industry sources, the adjustment reflects rising refining costs driven by global oil market volatility. Benchmark Brent crude reportedly climbed from about $91 per barrel to roughly $100 per barrel within days, directly impacting production costs.
The surge in oil prices has been linked to escalating geopolitical tensions in the Middle East involving the United States, Iran, and Israel, raising fears of disruptions to global crude supply.
Particular concern has focused on the Strait of Hormuz, a critical oil transit route through which nearly 20 percent of global oil shipments pass daily.
As the market reacted to the crisis, Nigeria’s flagship crude grade, Bonny Light crude, also surged above the $100 per barrel mark, reflecting what analysts describe as a growing “war premium” in global oil markets.
At the peak of the rally earlier in the week, Nigerian crude briefly approached $120 per barrel before easing toward $100 as markets entered a consolidation phase.
