The Dangote Petrochemical Refinery has increased the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,175 per litre, following a surge in global crude oil prices.
The adjustment reverses a price reduction announced earlier in the week, when the refinery lowered the ex-depot price by N100 to N1,075 per litre on March 10, 2026.
A senior official of the refinery, who spoke on condition of anonymity because he was not authorised to comment publicly on the matter, confirmed the development on Friday.
“Yes, it is true,” the official said when asked about the upward price review.
The earlier reduction had reportedly triggered a surge in buying activities among petroleum depot operators before the latest adjustment.
Industry checks also indicated that the new price revision disrupted trading activities in several petroleum depots across the country.
According to market sources, depot owners temporarily suspended transactions while waiting for further clarity on the revised 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.
Sources also revealed that loading activities at the refinery were briefly halted to enable stock reconciliation and align operations with the updated pricing framework.
A refinery insider attributed the decision to rising global crude oil prices, noting that the cost of refining is directly influenced by movements in the international oil market.
“The revision reflects the surge in global crude oil prices. Brent crude moved from about $91 per barrel to around $100 per barrel, and that increase feeds directly into the cost of refining,” the source explained.
Global oil prices have recently climbed amid escalating geopolitical tensions involving the United States, Iran and Israel, raising fears of potential disruptions to global oil supply.
The situation has particularly heightened concerns over the Strait of Hormuz, a critical global oil transit route through which roughly 20 per cent of the world’s crude shipments pass daily.
As a result, benchmark crude prices have risen sharply, with Brent crude trading above $100 per barrel during the week.
Nigeria’s benchmark crude grade, Bonny Light, also climbed above the $100 per barrel mark amid the volatility in the global energy market.
Market analysts say the rally reflects a growing “war premium,” as traders factor in the risk of supply disruptions in the Middle East.
At the peak of the rally earlier in the week, Nigerian crude prices reportedly surged to about $120 per barrel before easing to around $100 per barrel as the market stabilised.
