BREAKING: Dangote Refinery increases petrol price

The Dangote Petroleum Refinery has raised its Premium Motor Spirit gantry price by N101, increasing the ex-depot rate from N774 to N875 per litre. 

A senior official at the refinery confirmed the development on Monday, saying the adjustment followed recent changes in global crude oil prices.

“Yes, the price has been reviewed. The new gantry price is now N875 per litre from N774. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official said.

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The increase comes days after the refinery suspended petrol loading operations from midnight on March 2, 2026, after international crude oil prices rose above $80 per barrel.

Industry sources said Premium Motor Spirit loading stopped at midnight, halting product lifting and the issuance of Proforma Invoices. This indicated that new transactions were put on hold.

However, the suspension affected only petrol. Automotive Gas Oil, also known as diesel, continued loading.

The decision also affected the downstream market, as several private depot owners across the country stopped 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 said.

The development comes as global oil prices react to tensions between the United States and Iran, raising concerns about possible supply disruptions, especially around the Strait of Hormuz.