By James Gyang
Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) ex-depot price from N774 to N874 per litre, citing volatility in the global crude oil market and rising replacement costs.
A senior official of the refinery confirmed that the new gantry price took immediate effect, explaining that the adjustment reflects recent developments in international crude fundamentals, with oil prices rising above $80 per barrel.
The revision follows the temporary suspension of petrol loading operations at the refinery from midnight, March 2, 2026.
While PMS loading and issuance of proforma invoices were halted, Automotive Gas Oil (diesel) operations continued uninterrupted.
Industry analysts say the price adjustment could influence retail pump prices nationwide, as private depot owners have reportedly suspended PMS sales to avoid selling below replacement cost.
The development highlights ongoing concerns about price volatility in Nigeria’s deregulated downstream petroleum sector and its implications for consumers and fiscal stability.
