Private depot owners have raised the ex-depot price of Premium Motor Spirit (PMS), popularly called petrol, across major cities, following reports that the Dangote Petroleum Refinery may undergo planned maintenance.

The price hike comes barely weeks after depot owners reduced ex-depot prices from an average of ₦828 per litre to about ₦710, a ₦118 drop attributed to earlier price cuts by the Dangote refinery. On December 12, 2025, the refinery slashed its ex-gantry price to ₦699 per litre from ₦828.

Confirming the latest increase, the National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Mr Joseph Obele, released a price template dated January 2, indicating higher depot prices nationwide.

In Lagos, Eterna is selling at ₦800 per litre, Nipco at ₦750, AITEO at ₦780, Integrated at ₦800, while Lister sells at ₦780. In Warri, Matrix sells at ₦805 per litre, Danmarna at ₦800, Parker at ₦801, and A.Y.M Shafa at ₦800. In Port Harcourt, Masters is selling at ₦802 per litre, while Sigmund sells at ₦804.

Obele warned that prices could rise further in the coming days, blaming panic buying triggered by reports that the Dangote refinery is shutting down for a “turnaround maintenance.”

“Prices may increase further. The news that Dangote is shutting down has created panic in the market,” he said.

However, a source at the Dangote refinery dismissed claims of a shutdown, insisting that production remains ongoing.

According to the source, reports of a turnaround maintenance have been misunderstood, stressing that the refinery is currently undergoing expansion works to boost capacity from 650,000 barrels per day to 700,000 barrels.

“Production is still ongoing, though not at full capacity due to adjustments aimed at increasing output. There is nothing wrong with the refinery,” the source said.

He accused fuel importers of exploiting the situation, questioning the rationale behind price increases by marketers who do not source petrol from the refinery.

The source maintained that the refinery’s ex-gantry price remains ₦699 per litre, adding that it has enough stock to supply up to 50 million litres of petrol daily as earlier promised.

He also assured Nigerians that enhanced free distribution would commence this month, noting increased deployment of CNG trucks to filling stations.

Urging the public not to panic, the source said petrol would continue to sell at ₦739 per litre at MRS stations, while Independent Petroleum Marketers Association of Nigeria (IPMAN) outlets would dispense between ₦740 and ₦745 per litre.