The Dangote Refinery has increased the price of petrol to ₦1,175 per litre, prompting depot operators in several locations to temporarily suspend sales.
The adjustment comes shortly after the refinery had reduced its ex-depot price of Premium Motor Spirit (PMS) by ₦100 to ₦1,075 per litre on March 10, 2026. That reduction had lowered the price from the previous ₦1,175 per litre.
Following the earlier cut, depot operators began selling petrol at an average price of about ₦1,100 per litre. However, the latest price revision by the refinery forced many operators to halt transactions as they reassessed their pricing and inventory positions.
Sources within the downstream sector indicated that the refinery also paused loading operations at its facility to review stock levels and implement the updated pricing structure.
Industry stakeholders say the new price reflects rising pressure from the international oil market. Global crude oil prices have recently climbed, with Brent crude moving from about $91 to $100 per barrel.
The increase in crude prices has a direct impact on refining costs, which in turn affects the ex-depot price of petrol supplied to marketers and depot operators.
Market observers note that fluctuations in crude oil prices continue to shape petrol pricing dynamics in Nigeria’s deregulated downstream sector. With global oil benchmarks trending upward, further adjustments in domestic petrol prices may occur if the international market remains volatile.
The latest move by the Dangote refinery highlights the sensitivity of local fuel prices to developments in the global energy market, particularly shifts in crude oil benchmarks that influence the cost of production and distribution.
