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, sparking fresh concerns over a nationwide surge in fuel prices.
A senior official at the refinery confirmed the adjustment on Monday, attributing the hike to persistent volatility 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.
Industry checks indicate that the revised price has already been reflected across downstream pricing platforms, signalling a shift in market benchmarks.
The development followed the refinery’s suspension of petrol loading operations effective midnight, March 2, 2026, after international crude oil prices surged past the $80 per barrel mark.
Sources within the sector disclosed that PMS loading stopped at exactly midnight, halting product lifting and the issuance of Proforma Invoices, suggesting a temporary pause in fresh transactions.
However, the suspension was limited to petrol, as Automotive Gas Oil (diesel) continued to load without disruption.
The refinery’s move triggered a ripple effect across the downstream sector, with several private depot owners nationwide suspending PMS sales during trading hours.
“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 price adjustment comes amid heightened global oil market volatility linked to escalating tensions between the United States and Iran, raising fears of supply disruptions, particularly around the strategic Strait of Hormuz.
Energy experts have warned that Nigeria could witness further increases in petrol and diesel prices if crude oil climbs above $90 per barrel.
They cautioned that prolonged hostilities in the Middle East may disrupt global supply chains, inflate shipping and insurance costs, and raise import and refining expenses despite the country’s expanding local refining capacity.
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