BREAKING: DANGOTE REFINERY REVISES PETROL PRICE UPWARDS TO N874
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By: Fasasi Hammad
Dangote Petroleum Refinery has raised the gantry price of its Premium Motor Spirit (PMS) by ₦100, increasing the ex-depot rate from ₦774 to ₦874 per litre. The move has sparked renewed concerns about rising fuel prices nationwide.
A senior refinery official confirmed the adjustment to Vanguard on Monday, noting that the increase was driven by volatility in global crude oil markets.
“Yes, the price has been revised. The new gantry price is now ₦874 per litre, up from ₦774. The adjustment was necessary due to changes in global crude fundamentals and replacement costs,” the official explained.
Data from petroleumprice.ng show that the new pricing has already been applied, indicating a downstream shift that is expected to influence petrol retail prices across Nigeria.
The hike followed the refinery’s suspension of petrol loading operations from midnight on March 2, 2026, after international crude oil prices surged above $80 per barrel overnight.
Industry reports indicated that PMS loading and issuance of proforma invoices were temporarily paused, although the suspension affected only petrol, with Automotive Gas Oil (diesel) continuing to load without interruption.
The refinery’s action has had a ripple effect across the country’s downstream sector, prompting several private depot owners to halt petrol sales during the 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 told Vanguard.
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