The Dangote Petroleum Refinery has increased its Premium Motor Spirit gantry price by N101, raising the ex-depot rate from N774 to N875 per litre, heightening concerns over fresh fuel price increases across the country.
According to a senior official who spoke with The PUNCH on Monday, the recent increase follows the recent tension in the Middle East.
“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.
According to a check conducted by the said publication on petroleumprice.ng confirmed that the new price had reflected, indicating a shift in downstream pricing benchmarks.
The latest development followed the refinery’s suspension of petrol loading operations effective midnight on March 2, 2026, following a sharp surge in international crude oil prices, which crossed the $80 per barrel threshold overnight.
Industry data showed that Premium Motor Spirit loading stopped at exactly midnight, halting product lifting and the issuance of Proforma Invoices, an indication that fresh transactions were temporarily paused.
However, it was gathered that the suspension applied strictly to petrol, as Automotive Gas Oil, popularly known as diesel, continued to load.
The refinery’s action also triggered a coordinated response across the downstream sector, as several private depot owners nationwide halted 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.
Dangote refinery’s petrol increase follows the growing tension in the global oil market after the United States and Israel launched a wave of attacks on Iran last Saturday, which has raised concerns about supply disruptions, particularly in the strategic Strait of Hormuz.
According to some energy experts who spoke to PUNCH, Nigeria could witness further increases in petrol and diesel prices if crude oil prices climb above $90 per barrel. They warned that the growing war in the Middle East could disrupt global supply chains, increase shipping and insurance costs, and raise import and refining costs for products despite Nigeria’s growing local refining capacity.