The Dangote Petroleum Refinery has raised its Premium Motor Spirit (PMS) gantry price by N101, increasing the ex-depot rate from N774 to N875 per litre, sparking concerns over potential fuel price hikes across Nigeria.
A senior refinery official confirmed the adjustment to The PUNCH on Monday, explaining that the review was driven by 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.
Checks on petroleumprice.ng show that the revised price has already been reflected, signaling a shift in downstream pricing benchmarks.
The increase followed the refinery’s suspension of petrol loading operations starting at midnight on March 2, 2026, after international crude oil prices surged past $80 per barrel overnight. Industry data revealed that PMS loading was halted precisely at midnight, stopping product lifting and the issuance of Proforma Invoices, though diesel (Automotive Gas Oil) continued to be loaded.
The move prompted several private depot owners across Nigeria to temporarily halt petrol sales.
“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.
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Experts attribute the volatility to geopolitical tensions between the United States and Iran, which have raised fears of supply disruptions, particularly in the Strait of Hormuz.
Five energy analysts, speaking separately to The PUNCH, warned that Nigeria could see further increases in petrol and diesel prices if crude climbs above $90 per barrel. They highlighted that ongoing Middle East hostilities could disrupt supply chains, increase shipping and insurance costs, and drive up import and refining expenses despite the country’s expanding local refining capacity.