Dangote Petrochemical Refinery has raised the ex-depot price of Premium Motor Spirit (PMS) to ₦1,175 per litre, reversing an earlier ₦100 reduction announced earlier in the week, following a fresh surge in global crude oil prices.
A senior official at the refinery, who spoke on condition of anonymity because he was not authorised to speak publicly, confirmed on Friday that the price was adjusted upward after the refinery briefly reduced the ex-depot price to ₦1,075 per litre on March 10, 2026, a move that had triggered increased buying activity among depot operators.
“Yes, it is true,” the official said when contacted about the latest price review.
Checks on Petroleumprice.ng also confirmed the development, noting that the sudden price adjustment disrupted trading activities across several petroleum depots.
According to market sources quoted by the platform, the increase prompted depot operators in multiple hubs to temporarily suspend sales while awaiting clarity on the new pricing structure.
“Depot owners across multiple hubs have temporarily halted transactions following the refinery’s upward review of the ex-depot price,” a market source familiar with the development said.
Loading operations at the refinery were also temporarily paused to allow for stock reconciliation and alignment with the new pricing framework.
A refinery source explained that the price adjustment was largely driven by rising global crude prices, which directly affect refining costs.
“The revision reflects the surge in global crude oil prices. Brent Crude moved from around $91 per barrel to about $100 per barrel, and that increase feeds directly into the cost of refining,” the source said.
Global oil prices have climbed sharply in recent days amid escalating tensions in the Middle East involving the United States, Iran, and Israel.
The geopolitical crisis has heightened fears of disruptions to global crude supply, particularly around the Strait of Hormuz, one of the world’s most critical oil transit routes through which roughly 20 per cent of global oil shipments pass daily.
Concerns over possible supply disruptions have pushed global oil benchmarks higher, with Brent crude trading above $100 per barrel during the week.
Nigeria’s flagship crude grade, Bonny Light, also surged past the $100 per barrel mark amid the volatility in global energy markets.
The rally reflects a growing “war premium” in oil prices as traders factor in the risk of supply disruptions in the Middle East.
At the peak of the market rally earlier in the week, Nigerian crude prices briefly climbed to about $120 per barrel before easing to around $100 per barrel as markets entered a consolidation phase.
