Dangote Refinery Raises Petrol Price to ₦1,175 Per Litre as Depot Owners Suspend Sales
By Momodu Favour
The Dangote Petroleum Refinery has increased its ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to ₦1,175 per litre, prompting depot operators across Nigeria to temporarily suspend sales.
The latest adjustment reverses a recent price reduction announced on March 10, 2026, when the refinery lowered the ex-depot price by ₦100 to ₦1,075 per litre from the earlier ₦1,175 per litre.
Following the earlier reduction, many depot owners had begun selling petrol at an average price of about ₦1,100 per litre. However, the renewed price increase has forced several operators to halt transactions while they reassess pricing and stock levels.
Industry sources said the refinery also temporarily paused loading operations at its facility to reconcile existing inventory and implement the updated pricing framework.
The latest development has created uncertainty among fuel marketers and distributors who rely heavily on the refinery’s pricing structure to determine their retail and wholesale rates.
Analysts say the price review is linked to rising global crude oil costs. The international benchmark Brent Crude recently climbed from about $91 to $100 per barrel, significantly raising the cost of refining petroleum products.
The increase in crude prices has placed additional pressure on domestic fuel pricing, particularly for refineries sourcing crude at international market rates.
Industry stakeholders warn that the adjustment could trigger further increases in pump prices across the country if marketers pass the higher costs on to consumers.
The price volatility comes as Nigeria continues to adjust to a deregulated downstream petroleum sector, where fuel prices are largely influenced by global market conditions rather than government-fixed rates.
Market watchers say the coming days will determine whether the new price level stabilizes supply or leads to further disruptions in fuel distribution nationwide.
