The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price to ₦875 per litre, up from ₦774, marking a ₦101 increase at the refinery gate.
The adjustment, announced on March 4, 2026, is already sending ripples across Nigeria’s fuel market, with marketers quickly raising pump prices at retail stations.
A senior refinery official said the increase was driven by rising global crude oil prices and higher replacement costs.
International crude prices recently climbed above $80 per barrel, increasing the cost of refining petrol even for domestic producers. Analysts also link the surge to geopolitical tensions in the Middle East, particularly the ongoing conflict involving the United States, Israel, and Iran, which has disrupted global oil supply dynamics.
The higher gantry price has begun to reflect at filling stations across the country.
Within 24 hours of the adjustment, retail outlets operated by partners such as MRS Oil Nigeria Plc and the Nigerian National Petroleum Company Limited (NNPCL) raised petrol prices to around ₦975 per litre in Abuja and about ₦960 per litre in Lagos.
Other marketers have also started increasing prices, indicating that consumers could see wider pump price hikes in the coming days.
Industry analysts warn that the increase could push up inflation, since petrol prices directly affect transportation and distribution costs across the economy.
The refinery also temporarily suspended petrol loading operations around the time of the adjustment, prompting some private depot owners to halt sales during trading hours and raising concerns about short-term supply disruptions.
The 650,000 barrels-per-day Dangote Refinery was widely expected to help stabilise fuel prices by reducing Nigeria’s reliance on imports and easing pressure on foreign exchange.
However, the latest price adjustment highlights that domestic fuel prices remain closely tied to global crude oil trends.
Analysts say if crude prices continue to rise toward $90 per barrel, Nigeria could see further increases in petrol and diesel prices, adding pressure on households and businesses already grappling with high living costs.
