A file photo of a fuel pump
The Dangote Petroleum Refinery has increased its Premium Motor Spirit gantry price by N101, raising the ex-depot rate from N774 to N875 per litre, heightening concerns over fresh fuel price increases across the country.
A senior official at the refinery confirmed the development to The PUNCH on Monday, noting that the adjustment followed recent volatility 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 by The PUNCH on petroleumprice.ng confirmed that the revised price had already been reflected, indicating a shift in downstream pricing benchmarks.
The price increase came shortly after the refinery suspended petrol loading operations effective midnight on 2 March 2026, following a sharp surge in international crude oil prices, which crossed the $80 per barrel threshold overnight.
Data obtained from industry sources showed that Premium Motor Spirit loading stopped at exactly midnight, halting product lifting and the issuance of Proforma Invoices, an indication that fresh transactions were temporarily paused.
However, the suspension applied strictly to petrol, as Automotive Gas Oil, popularly known as diesel, continued to load.
The refinery’s action also triggered a coordinated response across the downstream sector, as several private depot owners nationwide halted 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 development comes amid heightened global oil market volatility linked to tensions between the United States and Iran, which have raised concerns about supply disruptions, particularly in the strategic Strait of Hormuz.
Five energy experts, in separate interviews with The PUNCH on Sunday, warned that Nigeria could witness further increases in petrol and diesel prices if crude oil prices climb above $90 per barrel.
They said sustained hostilities in the Middle East could disrupt global supply chains, increase shipping and insurance costs, and raise import and refining costs for products despite Nigeria’s growing local refining capacity.
