The Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,175 per litre, prompting temporary suspensions of sales by depot operators in several locations.
The revision comes just days after the refinery had reduced the ex-depot price by ₦100, lowering it from ₦1,175 to ₦1,075 per litre on March 10, 2026. Following that decrease, many depot operators adjusted their retail prices to an average of around ₦1,100 per litre. The sudden reversal, however, forced some operators to halt transactions temporarily to avoid potential losses and reassess their pricing strategies.
Industry sources reported that loading operations at the refinery were briefly paused to allow for stock reconciliation and alignment with the new pricing structure.
The price adjustment is believed to be influenced by the recent surge in global crude oil prices, with international benchmark Brent crude rising from approximately $91 to $100 per barrel. Higher crude prices increase refining costs, which typically translate into higher ex-depot and retail prices for petroleum products.
Market analysts have cautioned that if the upward trend in crude oil prices continues, retail petrol prices across Nigeria could experience further adjustments in the coming weeks, adding to the ongoing concerns about fuel affordability and market stability.