Dangote refinery raises petrol price to N874 per litre
By Khubayb Adefaka
LAGOS — Dangote Petroleum Refinery has increased its gantry price for Premium Motor Spirit (PMS), also known as petrol, from N774 to N874 per litre, marking a N100 hike and sparking fresh concerns over rising fuel costs nationwide.
A senior official of the refinery confirmed the development on Monday, attributing the price adjustment to volatility in the global crude oil market.
“Yes, the price has been reviewed. The new gantry price is now N874 per litre, up from N774. The revision became necessary due to changes in global crude fundamentals and replacement costs,” the official said.
Market checks on petroleumprice.ng indicate that the revised pricing has already taken effect, signaling a shift in downstream pricing benchmarks that is expected to impact retail petrol prices across the country.
The increase follows the refinery’s suspension of petrol loading operations effective midnight, March 2, 2026, after international crude oil prices surged above $80 per barrel overnight.
Industry sources revealed that PMS loading and the issuance of proforma invoices were temporarily halted in response to the spike in crude prices.
However, the suspension affected only petrol, as Automotive Gas Oil (diesel) loading continued without interruption.
The refinery’s decision has sent ripples across Nigeria’s downstream petroleum sector, with several private depot owners reportedly suspending petrol sales during the trading day.
A downstream operator said the crude oil rally had prompted many depot owners to pause sales to avoid losses.
“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,” the operator said.
