Nigeria’s largest refinery, Dangote Petroleum Refinery, has increased its Premium Motor Spirit (PMS) gantry price by N101, pushing the ex-depot rate from N774 to N875 per litre, a move likely to trigger fresh pump price adjustments nationwide.
A senior official of the refinery confirmed the development on Monday, attributing the price revision to volatility in global crude oil markets.
“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.
Industry monitoring platform petroleumprice.ng also reflected the revised rate, signalling a shift in downstream pricing benchmarks.
The price hike followed the refinery’s decision to suspend petrol loading operations effective midnight on March 2, 2026, after international crude prices surged past the $80 per barrel mark overnight.
Industry data showed that PMS loading stopped at exactly midnight, halting product lifting and the issuance of Proforma Invoices — a clear indication that new transactions were temporarily paused.
The suspension, however, applied only to petrol. Automotive Gas Oil (diesel) continued to load without disruption.
The refinery’s move triggered a ripple effect across the downstream sector, with several private depot owners reportedly halting petrol sales during the trading day.
A downstream operator explained the rationale behind the coordinated pause:
“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 volatility in crude prices has been linked to escalating tensions between the United States and Iran, raising fears of supply disruptions, particularly around the strategic Strait of Hormuz — a critical artery for global oil shipments.
Energy analysts warn that if crude prices climb above $90 per barrel, Nigeria could see further increases in both petrol and diesel prices, despite the country’s expanding domestic refining capacity.
Five energy experts, according to THEPUNCH, cautioned that prolonged hostilities in the Middle East could disrupt supply chains, raise shipping and insurance costs, and ultimately drive up import and refining expenses.
With crude markets on edge and risk premiums rising, consumers and industry players alike are bracing for potential ripple effects at the pump in the coming weeks.
