The Dangote Petroleum Refinery has raised its price of Premium Motor Spirit, commonly known as petrol 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 verified the development 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 followed the refinery’s suspension of petrol loading operations on March 2, 2026, at midnight due to a sudden increase in global crude oil prices that surpassed $80 per barrel overnight.
Premium Motor Spirit loading ceased at precisely midnight, according to data gathered from industry sources. This stopped product lifting and the production of proforma invoices, a sign that new transactions were momentarily halted.
However, automotive petrol oil, also referred to as diesel, continued to load, therefore the suspension only applied to fuel.
A number of private depot owners nationally stopped selling petrol during the trading day as a result of the refinery’s action, which also sparked a coordinated response throughout the downstream industry.
The event coincides with increased volatility in the world oil market due to tensions between the US and Iran, which have sparked worries about supply interruptions, especially in the vital Strait of Hormuz.
In separate interviews with The PUNCH on Sunday, five energy experts cautioned that if crude oil prices rise above $90 per barrel, Nigeria may see additional price increases for petrol and diesel.
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.
