The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price by ₦101, raising the ex-depot rate from ₦774 to ₦875 per litre, a move that could trigger fresh fuel price adjustments nationwide.
A senior official at the refinery confirmed the development to The PUNCH on Monday, attributing the upward review to recent volatility in global crude oil prices.
“Yes, the price has been reviewed. The new gantry price is now ₦875 per litre from ₦774. 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 gantry price had already been reflected, signalling a shift in downstream pricing benchmarks.
The price adjustment followed the refinery’s earlier decision to suspend petrol loading operations effective midnight on March 2, 2026, after international crude oil prices surged past the $80 per barrel mark overnight.
Industry data indicated that Premium Motor Spirit loading stopped exactly at midnight, halting product lifting and the issuance of Proforma Invoices – a clear sign that fresh transactions were temporarily paused.
However, the suspension applied strictly to petrol, as Automotive Gas Oil, popularly known as diesel, continued loading.
The development also prompted a ripple effect across the downstream sector, with several private depot owners reportedly suspending 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.
Market watchers say such coordinated pauses often precede price realignments, as operators adjust to global crude movements and projected replacement costs.
The current volatility in the oil market has been linked to heightened geopolitical tensions between the United States and Iran, raising fears of supply disruptions — particularly around the strategic Strait of Hormuz.
Energy analysts warn that sustained hostilities in the Middle East could disrupt global supply chains, push up freight and insurance premiums, and increase import and refining costs – even as Nigeria ramps up local refining capacity.
Five energy experts, in separate interviews, cautioned that petrol and diesel prices in Nigeria could rise further if crude oil climbs beyond $90 per barrel.
With the gantry price now at ₦875 per litre, marketers are expected to adjust pump prices accordingly in the coming days, potentially pushing retail prices closer to the ₦1,000 mark in some locations.