- The review reflects changes in global crude fundamentals and replacement costs,” the official said
- Data from petroleumprice.ng confirmed that the revised price has been implemented
- Several private depot operators reportedly paused PMS sales during the day, reflecting market caution
Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS) by ₦101, raising it from ₦774 to ₦875 per litre, a move that could trigger higher fuel costs across Nigeria.
Eko Hot Blog gathered that a senior refinery official said that the price revision was necessary due to fluctuations in global crude oil prices.
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“The new gantry price is now ₦875 per litre. The review reflects changes in global crude fundamentals and replacement costs,” the official said.
Data from petroleumprice.ng confirmed that the revised price has been implemented, signaling potential adjustments in downstream petrol pricing.
The change follows the refinery’s temporary suspension of petrol loading operations at midnight on March 2, 2026, after crude prices rose above $80 per barrel. Diesel operations, however, were unaffected.
Several private depot operators reportedly paused PMS sales during the day, reflecting market caution. A downstream source explained, “Depot owners are suspending sales because nobody wants to sell below replacement cost amid the crude rally.”
Analysts link the volatility to rising geopolitical tensions between the United States and Iran, with concerns about potential supply disruptions in the Strait of Hormuz. Experts warn that ongoing instability could push global oil costs higher, affecting freight, insurance, and refining expenses.
With the new gantry price at ₦875, marketers are expected to revise pump prices upward, possibly approaching ₦1,000 per litre in some areas, as the downstream market reacts to global crude trends.
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