Breaking: Dangote Refinery raises petrol price from N774 to N874

2026-03-02 - 17:26

LAGOS — Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price by N100, bringing the ex-depot rate to N874 per litre from the previous N774, raising fresh concerns over fuel price hikes nationwide. A senior refinery official confirmed the adjustment to Vanguard on Monday, explaining that the move was necessary due to recent volatility in global crude oil markets. “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. Checks on petroleumprice.ng indicate that the new pricing has already been implemented, signaling a shift in downstream benchmarks that will likely affect petrol retail prices across the country. The price hike followed the refinery’s suspension of petrol loading operations, effective midnight on March 2, 2026, after international crude oil prices surged past $80 per barrel overnight. Industry data showed that PMS loading and issuance of proforma invoices were temporarily halted, although the suspension applied only to petrol, while Automotive Gas Oil (diesel) continued to load uninterrupted. The refinery’s move triggered a ripple effect across Nigeria’s downstream sector, with several private depot owners halting 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 told Vanguard.