Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit, PMS, by N100, raising it from N774 to N874 per litre. The move has raised fresh concerns over rising fuel costs nationwide.
A senior refinery official confirmed the adjustment on Monday, citing recent volatility in global crude oil markets as the reason for the price hike. “Yes, the price has been reviewed. The new gantry price is now N874 per litre, up from N774. The revision became necessary due to changes in global crude fundamentals and replacement costs,” the official said.
Checks on petroleumprice.ng indicate that the new pricing has already been implemented, signalling a shift in downstream benchmarks that is expected to affect retail petrol prices across the country.
The price adjustment follows the refinery’s temporary suspension of petrol loading operations, effective midnight on March 2, 2026, after international crude prices surged past $80 per barrel. Loading of Automotive Gas Oil, AGO, continued without interruption.
Industry operators said the move has caused ripple effects across the downstream sector, with several private depot owners halting petrol sales to avoid selling below replacement costs. “The market is already factoring in risk premiums. Nobody wants to sell below replacement cost,” a downstream operator said.
