BREAKING: Dangote refinery raises petrol price to N875 per litre

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

The adjustment has sparked fresh anxiety over a possible nationwide hike in pump prices.

A top official of the refinery confirmed the development to The PUNCH on Monday, attributing the decision to fluctuations in the global crude oil market.

“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.

Findings on petroleumprice.ng showed that the updated rate had already been captured on the pricing platform, signalling a change in downstream market benchmarks.

The upward review followed the refinery’s decision to suspend petrol loading operations from midnight on March 2, 2026.

The move came after international crude prices surged past the $80 per barrel mark overnight.

Industry data indicated that PMS loading ceased exactly at midnight, temporarily stopping product lifting and the issuance of Proforma Invoices a sign that new transactions were put on hold.

The suspension, however, affected only petrol, as Automotive Gas Oil (diesel) continued to load without interruption.

The refinery’s action also reverberated across the downstream sector, with several private depot owners across the country halting PMS sales during the trading session.

“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 situation is unfolding against the backdrop of heightened volatility in the global oil market, driven by escalating tensions between the United States and Iran. The standoff has raised fears of supply disruptions, particularly around the strategic Strait of Hormuz.