The Dangote Petrochemical Refinery has increased the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,175 per litre, reversing an earlier N100 reduction announced earlier in the week.
The price adjustment follows a fresh surge in global crude oil prices, which has significantly increased refining costs.
A senior official familiar with the development confirmed the upward price review on Friday, noting that the refinery had briefly reduced the ex-depot price to N1,075 per litre on March 10, 2026. The earlier reduction had triggered increased buying activity among petroleum depot operators across the country.
The official, who spoke on condition of anonymity because he was not authorised to comment publicly, confirmed the latest change during a telephone conversation.
“Yes, it is true,” the official told the Punch Newspaper when asked about the upward adjustment.
Industry monitoring platform Petroleumprice.ng also confirmed the development, reporting that the sudden price revision disrupted trading activities across several petroleum depots.
According to market sources quoted by the platform, depot operators in multiple hubs temporarily suspended sales as they awaited clarity on the revised pricing structure.
“Depot owners across multiple hubs have temporarily halted transactions following the refinery’s upward review of the ex-depot price,” a market source familiar with the development said.
Loading operations at the refinery were also briefly suspended to allow for stock reconciliation and to align distribution activities with the new pricing framework.
A refinery source explained that the price review was largely driven by developments in the international crude oil market.
“The revision reflects the surge in global crude oil prices. Brent crude moved from around $91 per barrel to about $100 per barrel, and that increase feeds directly into the cost of refining,” the source said.
Global oil prices have climbed sharply in recent days following escalating geopolitical tensions in the Middle East involving the United States, Israel, and Iran.
The crisis has heightened concerns about potential disruptions to global oil supply, particularly around the Strait of Hormuz, one of the world’s most strategic oil transit routes through which roughly 20 per cent of global oil shipments pass daily.
Fears of disruptions along the critical chokepoint have pushed global oil benchmarks higher, with Brent crude trading above $100 per barrel during the week.
Nigeria’s flagship crude grade, Bonny Light, also crossed the psychological $100 per barrel threshold amid the volatility in global energy markets.
The surge reflects a growing “war premium” in global oil prices, as traders factor in the risk of supply disruptions linked to rising tensions in the Middle East.
At the height of the market rally earlier in the week, Nigerian crude prices briefly climbed to around $120 per barrel before easing to approximately $100 per barrel as markets entered a consolidation phase.
The latest adjustment by the Dangote Refinery is expected to influence petrol prices across Nigeria’s downstream petroleum market in the coming days, as depot operators and fuel marketers recalibrate their pricing in response to the higher ex-depot cost.
