The Dangote Petroleum Refinery has raised its Premium Motor Spirit (PMS) gantry price by N101, lifting the ex-depot rate from N774 to N875 per litre, sparking fears of further fuel price hikes nationwide
A senior refinery official confirmed the adjustment to The PUNCH on Monday, explaining that the increase was driven by recent fluctuations 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.
Petroleumprice.ng has updated its records to reflect the revised rate, signaling a shift in downstream pricing benchmarks.
The price hike follows the refinery’s suspension of petrol loading operations, effective midnight on March 2, 2026, after international crude prices surged past $80 per barrel. Industry sources reported that PMS loading and the issuance of Proforma Invoices were temporarily paused, though diesel (Automotive Gas Oil) operations continued as normal.
The move also prompted private depot operators across the country to halt 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 explained.
Analysts link the volatility in global oil markets to rising tensions between the United States and Iran, raising concerns over potential supply disruptions, especially around the strategically important Strait of Hormuz.
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