Dangote Refinery Raises Petrol Price to N874 as Crude Oil Costs Climb

Dangote Petroleum Refinery has increased its ex-depot price for Premium Motor Spirit (PMS), also known as petrol, by N100 per litre, raising the rate from N774 to N874 amid renewed volatility in the global crude oil market.

A company official confirmed the adjustment on Monday, citing fluctuations in international crude prices and rising replacement costs as key factors behind the decision. The official explained that changes in global oil fundamentals made a price review unavoidable.

Market checks show that the new gantry price has already taken effect, signalling a potential rise in pump prices across the country as marketers adjust to the updated benchmark.

The revision follows the refinery’s temporary suspension of petrol loading operations, which took effect at midnight on March 2, 2026, after global crude prices surged above $80 per barrel. During the suspension, petrol loading and the issuance of proforma invoices were paused, halting fresh PMS transactions.

However, the suspension was limited to petrol, as Automotive Gas Oil (AGO), commonly known as diesel, continued to load without interruption.

The development prompted reactions across the downstream sector, with several private depot owners also suspending petrol sales during the trading day in response to the sharp rise in crude prices. Industry sources said many operators moved to limit exposure as the market began factoring in higher risk premiums.

The latest increase comes amid heightened tensions between the United States and Iran, which have intensified concerns over possible supply disruptions, particularly along the Strait of Hormuz – a critical global oil transit route.

Energy analysts warn that if crude prices continue to trend towards $90 per barrel, Nigeria could see additional increases in both petrol and diesel prices, driven by higher shipping, insurance and refining costs, despite the country’s growing local refining capacity.

Industry pricing platforms indicate that the revised rate is already reflected in downstream transactions, suggesting that retail fuel prices may soon adjust in response to the refinery’s latest move.