The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price by ₦101, raising the ex-depot rate from ₦774 to ₦875 per litre — a move that could trigger fresh adjustments in pump prices nationwide.
A senior official of the refinery confirmed the development on Monday, attributing the upward review to volatility in global crude oil prices.
According to the official, the revision became necessary due to changes in international crude fundamentals and rising replacement costs.
Industry checks indicate that the new gantry price has already been reflected in downstream pricing data, signalling a shift in market benchmarks.
The adjustment comes shortly after the refinery suspended petrol loading operations effective midnight, March 2, 2026, following a sharp rise in international crude oil prices beyond $80 per barrel. Industry sources said PMS loading halted at exactly midnight, alongside the issuance of Proforma Invoices, suggesting a temporary pause in fresh transactions.
However, the suspension affected only petrol, as Automotive Gas Oil (diesel) continued loading operations.
The development reportedly caused a ripple effect across the downstream sector, with several private depot owners also suspending PMS sales during the trading day.
Market operators noted that such pauses often precede price realignments, as industry players adjust to global crude price movements and anticipated replacement costs.
The latest crude oil volatility has been linked to escalating geopolitical tensions between the United States and Iran, raising concerns over potential supply disruptions, particularly around the Strait of Hormuz — a critical global oil transit route.
Energy analysts have warned that prolonged instability in the Middle East could disrupt supply chains, increase freight and insurance costs, and further raise import and refining expenses, even as Nigeria expands domestic refining capacity.
With the gantry price now at ₦875 per litre, marketers are expected to review pump prices in the coming days, with projections suggesting retail prices could approach the ₦1,000 mark in some areas if global crude prices continue to climb.