By Juliet Ezeh
The Dangote Petrochemical Refinery has raised the ex-depot price of Premium Motor Spirit (PMS) to ₦1,175 per litre, reversing a brief N100 reduction announced earlier this week. The adjustment comes amid rising global crude oil prices, which have pushed up refining costs.
A senior refinery official, speaking on condition of anonymity, confirmed the price increase, which followed a temporary reduction to ₦1,075 per litre on March 10, 2026. The earlier reduction had sparked a surge in purchases by depot operators across the country.
According to industry sources, the sudden upward adjustment has disrupted fuel distribution at several depots. Operators reportedly suspended sales temporarily while awaiting clarity on the revised pricing structure. Loading operations at the refinery were also briefly halted for stock reconciliation.
“Depot owners across multiple hubs have temporarily paused transactions following the refinery’s upward review of the ex-depot price,” said a source familiar with the development.
The refinery cited the increase in global crude prices as the main factor for the price review. Brent crude prices surged from approximately $91 to $100 per barrel, driven by geopolitical tensions in the Middle East involving the United States, Iran, and Israel.
The rise in crude oil prices has raised concerns of a “war premium,” with traders factoring in potential supply disruptions at the Strait of Hormuz, a key global oil transit route. Nigeria’s flagship crude, Bonny Light, also crossed the $100 per barrel mark amid the volatility.
Market analysts warn that the price adjustment may push retail fuel prices higher, potentially affecting transportation costs and consumer spending nationwide. Motorists are advised to monitor local petrol stations as depot operators adjust to the new pricing framework.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.