The Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, to ₦1,175 per litre, prompting depot operators in several locations to temporarily suspend sales.
The adjustment comes just days after the refinery cut the ex-depot price by ₦100 to ₦1,075 per litre on March 10, 2026, down from the previous ₦1,175 per litre.
Following that reduction, many depot owners had revised their selling price to around ₦1,100 per litre. However, the sudden increase announced by the refinery forced several operators to halt transactions to avoid potential losses while they reassess their pricing structure.
Sources within the industry also revealed that loading operations at the refinery were briefly paused to allow for stock reconciliation and to align distribution activities with the new pricing.
The price hike is believed to be linked to the recent surge in global crude oil prices. The international benchmark Brent Crude reportedly rose from about $91 to nearly $100 per barrel, pushing up refining costs.
Higher crude prices typically translate to increased production expenses for refiners, which often leads to adjustments in the ex-depot price of petroleum products.
Market analysts warn that if crude prices continue to climb, petrol pump prices across Nigeria may also rise in the coming weeks.
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