A combined photo of Dangote Refinery and Alhaji Aliko Dangote
By Abdullahi Abubakar
The Dangote Petroleum Refinery has increased its ex-depot price for Premium Motor Spirit (PMS), raising the rate from N774 to N875 per litre, a development that may trigger fresh adjustments in pump prices nationwide.
A senior official of the refinery, who craved anonymity, confirmed the price review on Monday.
He explained that the upward adjustment was influenced by recent movements in the international crude oil market.
According to the official, rising global crude prices and higher replacement costs made the previous pricing structure unsustainable.
Industry data monitored from petroleumprice.ng indicated that the revised gantry price has already taken effect, reflecting a new benchmark in the downstream market.
The price increase followed the temporary suspension of petrol loading activities at the refinery, which reportedly took effect at midnight on March 2, 2026. The halt came after crude oil prices surged above 80 dollars per barrel in the international market.
Sources within the petroleum distribution chain disclosed that PMS loading stopped at exactly midnight, with the issuance of Proforma Invoices also paused, signalling a short-term freeze on fresh transactions.
However, the suspension affected only petrol, as Automotive Gas Oil, commonly known as diesel, continued to be loaded during the period.
The refinery’s decision reportedly influenced other operators in the downstream sector, with several private depot owners across the country also suspending petrol sales amid concerns over rising crude costs.
A downstream marketer noted that many operators were reluctant to sell below replacement value as the market began factoring in risk premiums linked to global oil volatility.
The latest development comes against the backdrop of heightened uncertainty in the international oil market, particularly tensions between the United States and Iran, which have raised fears of supply disruptions around the Strait of Hormuz.
