The Dangote Petroleum Refinery has increased its ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N774 to N875 per litre — a rise of N101.
A senior official of the refinery confirmed the adjustment on Monday, explaining that the decision was influenced by recent fluctuations in global crude oil prices. According to the source, changes in international oil costs and replacement expenses made the review necessary.
Information obtained from petroleumprice.ng showed that the new price has already taken effect, signalling a shift in pricing across the downstream sector.
The price hike followed the refinery’s suspension of petrol loading operations at midnight on March 2, 2026. Industry data revealed that the halt stopped product lifting and the issuance of Proforma Invoices, temporarily pausing fresh petrol transactions.
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However, the suspension affected only petrol. Automotive Gas Oil (diesel) loading continued without interruption.
The refinery’s move also led several private depot owners across the country to suspend petrol sales, as marketers reacted to the surge in global crude prices, which recently climbed above $80 per barrel.
Operators say the market is adjusting to higher replacement costs, with many unwilling to sell projected expenses below.
Energy analysts have also warned that fuel prices in Nigeria may rise further if crude oil prices exceed $90 per barrel. They noted that ongoing tensions between the United States and Iran could disrupt global oil supply, increase shipping and insurance costs, and push up refining expenses despite Nigeria’s expanding local refining capacity.
