The Dangote Petroleum Refinery has increased its ex-depot price of Premium Motor Spirit from 774 naira to 875 naira per litre. The 101 naira hike is expected to trigger fresh increases in pump prices across the country. Media reports say one senior refinery official attributed the adjustment to volatility in global crude oil prices and rising replacement costs.
The price review comes days after the refinery suspended petrol loading operations at midnight on March 2, 2026, following a surge in international crude prices above 80 dollars per barrel. Reports say the suspension halted product lifting and new transactions temporarily.
While petrol loading was affected, diesel supply continued without interruption. The move also prompted several private depot owners nationwide to suspend petrol sales, as marketers moved to avoid losses linked to rising crude costs.
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The development is tied to growing tensions in the Middle East, particularly between the United States, Israel and Iran, which have unsettled global oil markets. Energy experts warn that if crude prices climb above 90 dollars per barrel, Nigerians could face further increases in petrol and diesel prices.
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