The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) also known as petrol ex-depot price to N875 per litre.
The new price is a N101 increase from N774 it previous sold.
The new price announced on Monday, March 2, and is set to trigger a nationwide rise in petrol pump prices.
Punch reports that a senior official at the refinery, who confirmed the price increase, attributes the adjustment to volatility in global crude oil markets and rising replacement costs.
The official said: “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.”
Also, Checks on petroleumprice.ng showed the revised rate had already been reflected, signalling a shift in downstream pricing benchmarks.
The increase followed the refinery’s temporary suspension of petrol loading operations effective midnight on March 2, 2026, after international crude oil prices surged past $80 per barrel.
Industry data indicated that PMS loading stopped at midnight, halting product lifting and the issuance of Proforma Invoices (PFIs), effectively pausing new transactions.
The refinery’s move triggered a ripple effect across the downstream sector, with several private depot owners halting PMS sales during the trading day.
A downstream operator said. “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.”
The latest adjustment comes amid rising global oil market volatility linked to tensions between the United States and Iran.
This has raised concerns over possible of supply disruptions, particularly around the Strait of Hormuz, a strategic route for global crude shipments.
Energy analysts have warned that Nigeria could see further increases in petrol and diesel prices if crude prices climb above $90 per barrel despite Nigeria’s expanding local refining capacity.
Muda Yusuf, the Chief Executive Officer for the Centre for the Promotion of Private Enterprise (CPPE) told Legit.ng that Nigeria could face higher inflation due to the ongoing war between Iran, the United States, and Israel.
He said: “Domestic welfare risks loom large. With deregulated fuel pricing, higher international crude costs translate directly into rising petrol, diesel, and aviation fuel prices.
This feeds into transportation, food distribution, and manufacturing costs, intensifying inflationary pressures.”
