The Dangote Petroleum Refinery has raised its Premium Motor Spirit (PMS) gantry price by N101, pushing the ex-depot rate from N774 to N875 per litre, a move expected to ripple through retail fuel markets nationwide.
A senior refinery official confirmed the adjustment on Monday, attributing the decision to renewed volatility in international crude oil markets.
“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,” the official said.
Industry checks on petroleumprice.ng showed the updated rate had already been reflected on the pricing platform, signalling a shift in downstream market benchmarks.
The upward review follows the refinery’s earlier suspension of petrol loading operations effective midnight on March 2, 2026. The halt came after global crude oil prices surged past the $80-per-barrel mark overnight, intensifying cost pressures.
Sources familiar with the development said PMS loading stopped at exactly midnight, with product lifting and the issuance of Proforma Invoices put on hold — a clear sign that new transactions had been temporarily paused.
The suspension, however, affected only petrol. Automotive Gas Oil (AGO), commonly known as diesel, continued to load without disruption.
The refinery’s decision also reverberated across the downstream sector, prompting several private depot owners nationwide to suspend PMS sales during the trading session.
“Several depot owners suspended PMS sales because of the crude rally. The market is already factoring in risk premiums. Nobody wants to sell below replacement cost,” a downstream operator said.
The latest development unfolds against a backdrop of heightened global oil market uncertainty, driven by escalating tensions between the United States and Iran, raising fears of possible supply disruptions — particularly around the strategic Strait of Hormuz.
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