The Dangote Petroleum Refinery has reversed its recent reduction in petrol prices, increasing its ex-depot price for Premium Motor Spirit (PMS) to N1,175 per litre, prompting depot operators across Nigeria to temporarily suspend sales transactions.
A source at the refinery confirmed the development on Friday, explaining that the upward price adjustment comes only days after the refinery had reduced the ex-depot price by N100 to N1,075 per litre on March 10, 2026. The earlier price cut had sparked increased buying activity among depot operators seeking to take advantage of the lower rate.
Following that reduction, many depot operators began selling petrol at an average of about ₦1,100 per litre. However, the latest upward revision by the refinery forced them to immediately halt sales as they moved to reassess their pricing strategies and existing stock positions.
The refinery has also temporarily suspended loading operations as it works to reconcile its stock levels and align distribution with the updated pricing framework, a situation that has further disrupted supply activities at the depot level.
Industry sources attributed the latest price increase to a sharp rise in global crude oil prices. Brent crude reportedly climbed from about $91 to $100 per barrel within a short period, significantly increasing refining costs and limiting the refinery’s ability to sustain lower product prices.
The latest adjustment represents another swing in petrol pricing by the refinery in recent weeks, as it responds to volatility in the global energy market. Analysts say the fluctuations are largely driven by geopolitical tensions and escalating hostilities in the Middle East involving the United States, Iran, and Israel, which have triggered concerns about global oil supply.
Before the brief price reduction on March 10, the refinery had already increased petrol prices three consecutive times. The latest move now reverses the short-lived relief that followed that cut, as rising crude oil costs continue to shape fuel pricing in Nigeria’s downstream petroleum sector.
