LAGOS, NIGERIA — The Dangote Petroleum Refinery has reversed its recent price reduction, raising its ex-depot price for Premium Motor Spirit (PMS) back to ₦1,175 per litre, a move that has prompted depot operators across the country to temporarily suspend sales transactions.
A source at the refinery confirmed the development on Friday, disclosing that the upward revision came just days after the refinery had reduced the ex-depot price by ₦100 to ₦1,075 per litre on March 10, 2026 — a cut that had triggered a surge in buying activity among depot operators.
The brief price reduction had encouraged depot operators to begin selling at an average of ₦1,100 per litre. However, with the refinery’s latest upward adjustment, those operators immediately halted sales to reassess their pricing and stock positions.
The refinery has also temporarily suspended loading operations to reconcile stock levels and align with the updated pricing framework, further disrupting supply activities at the depot level.
This revision is a direct response to the recent surge in global crude oil prices. Brent crude climbed from $91 to $100 per barrel, a development that has directly increased the cost of refining.
Crude oil prices had briefly crossed the $100 threshold earlier on March 9, surging to nearly $120 per barrel in volatile trading, before retreating . Prices again threatened the $100 mark after Iran warned oil could spike toward $200 following attacks on vessels near the critical Strait of Hormuz, through which about 20% of the world’s oil passes.
The development marks the latest in a series of price swings at the Dangote Refinery, which has adjusted its petrol prices multiple times in recent weeks in response to volatile global energy markets, driven largely by the ongoing conflict in the Middle East involving the United States, Iran, and Israel.
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