The Dangote Petroleum Refinery has announced a significant upward review of its Premium Motor Spirit (PMS) gantry price, increasing the ex-depot rate by N101 from N774 to N875 per litre, a move expected to ripple across Nigeria’s fuel market.
A senior executive at the refinery disclosed that the adjustment was prompted by instability in the global crude oil market, which has pushed up input and replacement costs. According to the official, the refinery could no longer sustain the previous rate in light of rising international benchmarks.
The new price has already been updated on petroleumprice.ng, signaling a fresh shift in downstream pricing dynamics and setting a new reference point for fuel marketers nationwide.
The development follows the refinery’s decision to halt petrol loading operations at midnight on March 2, 2026, after crude oil prices surged past the $80-per-barrel mark in international markets. Industry data indicated that the suspension stopped product lifting and paused the issuance of Proforma Invoices, effectively freezing new PMS transactions.
The pause, however, was limited to petrol, as Automotive Gas Oil (diesel) continued to be loaded without disruption.
The refinery’s move quickly reverberated across the downstream sector, with several private depot operators temporarily suspending PMS sales amid concerns about selling below replacement cost. Market players cited heightened risk premiums driven by the crude rally, noting that traders were unwilling to absorb potential losses in a volatile pricing environment.
The latest pricing shift comes against a backdrop of growing uncertainty in the global oil market, fueled largely by rising geopolitical tensions between the United States and Iran. The standoff has intensified fears of supply disruptions, particularly around the strategic Strait of Hormuz, a critical artery for global crude shipments.
Energy analysts warn that if crude prices climb beyond $90 per barrel, Nigeria could face further increases in both petrol and diesel prices.
They caution that prolonged instability in the Middle East may escalate shipping and insurance costs, tighten global supply chains, and drive up refining and import expenses, potentially offsetting gains from the country’s expanding domestic refining capacity.
