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.
Data sourced on Monday from 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 development in petrol pricing cannot be distanced from the escalating hostilities between the United States, Israel, and Iran which has seen oil prices surge by 9 per cent on Monday.
Brent crude, the international benchmark, climbed 9 per cent to $79.41 per barrel from $72.87 on Friday — a seven-month high — based on figures from FactSet.
The rally followed US and Israeli strikes on Iranian targets and retaliatory missile attacks by Iran against Israeli and American military installations across the region.
With international crude oil prices surging past $80 per barrel overnight, Dangote Refinery suspended petrol loading operations, effective midnight on March 2, 2026, leading to the price hike.
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.
Dangote refinery’s move triggered a ripple effect across Nigeria’s downstream sector, as several private depot owners halted petrol sales during the trading day because they wouldn’t want to sell below replacement cost.
