The Dangote Petroleum Refinery has raised its ex-depot price for Premium Motor Spirit (petrol) to N1,175 per litre, reversing the recent reduction that had lowered the price to N1,075 per litre earlier in the week.
A source at the refinery confirmed on Friday that the adjustment comes just days after the facility cut the ex-depot price by N100 on March 10, 2026, a move that sparked heavy purchasing activity among depot operators.
Following that earlier reduction, depot operators had begun selling petrol at an average price of about N1,100 per litre. However, the refinery’s latest increase forced many of them to suspend sales temporarily as they review their pricing strategies and inventory positions.
Loading activities at the refinery have also been put on hold for the moment as the company reconciles its stock and adjusts operations to reflect the new pricing structure, causing further disruption in supply at depot level.
Industry sources say the latest price hike is linked to a sharp rise in global crude oil prices. Brent crude reportedly jumped from around $91 to $100 per barrel, significantly increasing the cost of refining and making it difficult for the refinery to maintain lower petrol prices.
The price adjustment is the latest in a series of fluctuations from the Dangote Refinery in recent weeks, as operators continue to respond to instability in the global oil market.
Before the brief reduction announced on March 10, the refinery had already increased petrol prices three times in succession. The temporary price cut had offered short-lived relief before the latest reversal driven by rising crude oil costs and tensions in the Middle East involving the United States, Iran and Israel.
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