The Dangote Petroleum Refinery raised its ex-depot price for Premium Motor Spirit to N875 per litre. Officials implemented the change on March 2, 2026. This adjustment elevated the gantry price from N774 per litre by N101. The increase heightened worries about higher fuel costs nationwide.
Price Hike Details
Refinery staff suspended petrol loading operations at midnight on March 2. They resumed activities under the revised pricing structure. Meanwhile diesel loading proceeded without disruption. The adjustment targeted ex-depot rates for marketers.
Causes of the Increase
Global crude oil prices climbed above $80 per barrel overnight. Geopolitical tensions drove this surge. Conflicts involving the United States, Israel, and Iran disrupted supply chains. As a result, replacement costs for imported crude rose sharply. These factors compelled the refinery to revise its pricing.
Official Confirmation
A senior refinery official verified the decision. The official explained, “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.” This statement highlighted the direct link to international market shifts.
Expected Nationwide Impacts
Marketers anticipated retail price adjustments soon after. Pump prices across Nigeria could exceed N900 per litre in some areas. However the refinery’s domestic production aimed to mitigate long-term import dependencies.
Additionally, the move reflected ongoing deregulation in Nigeria’s fuel sector. Consumers prepared for immediate effects on transportation and goods prices. The development underscored vulnerabilities to global events despite local refining capacity.
