Dangote Refinery Raises Petrol Ex-Depot Price to ₦875 Amid Global Oil Surge

Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit (PMS) by ₦101, pushing the ex-depot rate from ₦774 to ₦875 per litre, a move that has heightened concerns over fresh fuel price hikes nationwide.

The adjustment, confirmed on Monday by a senior refinery official, was attributed to recent volatility in global crude oil markets, particularly the sharp rise in international oil prices.

The price hike followed the refinery’s decision to suspend petrol loading operations, effective midnight on March 2, 2026, after global crude prices surged past the $80 per barrel mark overnight.

Industry data revealed that PMS loading stopped exactly at midnight, with product lifting and the issuance of Proforma Invoices halted—signalling a temporary pause in new petrol transactions.

The suspension, however, applied only to petrol, as Automotive Gas Oil (AGO), commonly known as diesel, continued to be loaded at the facility.

The development triggered reactions across the downstream sector, with several private depot owners nationwide also suspending fuel sales during the trading day, further tightening supply and fuelling concerns over imminent price increases at retail outlets.