Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS) by N100, raising it from N774 to N874 per litre, sparking concerns of rising fuel costs nationwide.
A senior refinery official confirmed the adjustment on Monday, citing volatility in global crude oil markets as the reason for the increase.
“Yes, the price has been reviewed. The new gantry price is now N874 per litre, up from N774. The revision became necessary due to changes in global crude fundamentals and replacement costs,” the official said.
Industry checks on petroleumprice.ng show that the new pricing has been implemented, signaling a likely upward adjustment in retail petrol prices across Nigeria.
The hike follows the refinery’s temporary suspension of petrol loading operations from midnight on March 2, 2026, after international crude prices surged past $80 per barrel. Loading of Automotive Gas Oil (diesel) was unaffected.
The move caused ripple effects in the downstream sector, with several private depot owners suspending petrol sales to avoid selling below replacement cost.
“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.
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