Dangote Refinery Raises Petrol Price To N875 Per Litre As Global Oil Prices Surge
Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS) by N101, raising it from N774 to N875 per litre, fueling concerns of fresh fuel price surges across Nigeria.
A senior official at the refinery confirmed the adjustment, attributing it to recent fluctuations 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 monitoring site petroleumprice.ng has already reflected the revised rate, signaling a shift in downstream pricing benchmarks.
The increase follows the refinery’s suspension of petrol loading operations starting midnight on March 2, 2026, after international crude prices jumped past $80 per barrel. Reports indicate that PMS loading and the issuance of Proforma Invoices were temporarily halted, while diesel (Automotive Gas Oil) continued to be loaded.
The move prompted several private depot operators nationwide to suspend petrol sales for the day. “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 noted.
The spike in global crude prices is linked to heightened tensions between the United States and Iran, raising fears of potential supply disruptions, particularly in the strategic Strait of Hormuz.
