KEY POINTS
- Dangote Refinery increased its petrol ex-depot price from N774 to N874 per litre due to rising global crude oil prices.
- Petrol loading was temporarily suspended, causing tension among depot owners and marketers.
- The price hike is likely to lead to higher pump prices nationwide, affecting transport and cost of living.
The Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS), commonly known as petrol, from N774 to N874 per litre at its gantry. The N100 jump is already sending shockwaves across Nigeria’s fuel market, with many fearing another round of price hikes at filling stations nationwide.
The new ex-depot price took effect on Monday, according to senior officials at the refinery, who blamed the adjustment on rising global crude oil prices and the growing cost of replacing stock.
Why the Price Was Increased
A top official at the refinery confirmed the development, explaining that recent movements in the international crude oil market made the review unavoidable.
According to the official, crude oil prices climbed above $80 per barrel overnight, pushing up the cost of production and supply. As a result, the refinery had to adjust its gantry price to reflect current realities in the global market.
In simple terms, when crude oil becomes more expensive globally, it costs more to refine petrol. That extra cost often gets passed down the supply chain, from refinery to depot owners, and eventually to consumers at the pump.
The price increase came shortly after the refinery temporarily suspended petrol loading operations. The suspension, which took effect from midnight on March 2, 2026, affected only petrol.
Loading of Automotive Gas Oil (AGO), commonly known as diesel, continued without interruption.
