By Ayo Kehinde
The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price by ₦101, raising the ex-depot rate from ₦774 to ₦875 per litre, a development that has heightened concerns over fresh fuel price hikes across Nigeria.
A senior official at the refinery confirmed the adjustment on Monday, attributing the decision to renewed volatility in global crude oil prices.
“Yes, the price has been reviewed. The new gantry price is now ₦875 per litre from ₦774. The review became necessary due to changes in global crude fundamentals and replacement costs”, the official disclosed.
Independent checks on petroleumprice.ng indicated that the revised rate had already been reflected, signalling a shift in downstream pricing benchmarks and reinforcing expectations of an upward review in pump prices nationwide.
The price increase followed the refinery’s decision to suspend petrol loading operations effective midnight on March 2, 2026, after international crude oil prices surged past the $80 per barrel mark overnight.
Industry data showed that PMS loading stopped exactly at midnight, halting product lifting and the issuance of Proforma Invoices — a clear indication that fresh transactions were temporarily paused. However, the suspension applied strictly to petrol, as Automotive Gas Oil (AGO), commonly known as diesel, continued to load.
The refinery’s move also triggered a ripple effect across the downstream sector, with several private depot owners across the country reportedly suspending petrol sales during the trading 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 said.
The latest development comes amid heightened global oil market volatility linked to rising tensions between the United States and Iran, which have fuelled fears of potential supply disruptions, particularly along the strategic Strait of Hormuz — a key transit route for global oil shipments.
Energy experts, in separate interviews over the weekend, warned that Nigeria could witness further increases in petrol and diesel prices if crude oil prices climb above $90 per barrel. They noted that sustained hostilities in the Middle East could disrupt global supply chains, increase shipping and insurance costs, and ultimately raise import and refining expenses, despite Nigeria’s expanding domestic refining capacity.
