The Dangote Petroleum Refinery on Monday increased the gantry price of Premium Motor Spirit (PMS) by N101, raising the ex-depot rate from N774 to N875 per litre, while also suspending petrol loading operations following a surge in global crude oil prices.
A senior official of the refinery confirmed the development, explaining that the review was necessary due to volatility in the international oil market.
“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 showed that the revised price had already been updated on the platform, signalling a shift in downstream pricing benchmarks.
The increase came after the refinery suspended petrol loading operations effective midnight on March 2, 2026, following international crude oil prices climbing above $80 per barrel.
Industry sources disclosed that PMS loading stopped at exactly midnight, halting product lifting and the issuance of Proforma Invoices, temporarily pausing fresh transactions.
The suspension, however, affected only petrol, as Automotive Gas Oil (diesel) continued to load.
The move also sparked reactions across the downstream sector, with several private depot owners reportedly halting 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.
Energy experts have warned that Nigeria may see further hikes in petrol and diesel prices if crude oil surpasses $90 per barrel. They noted that ongoing tensions between the United States and Iran could disrupt global supply chains, push up shipping and insurance costs, and ultimately increase import and refining expenses despite Nigeria’s growing local refining capacity.
