The Dangote Refinery has increased its ex-depot price of petrol to ₦1,175 per litre, reversing an earlier ₦100 reduction announced earlier in the week as rising global crude oil prices push up refining costs.
The refinery had briefly lowered the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,075 per litre on March 10, 2026, a move that triggered increased purchasing activity among depot operators.
Industry platform PetroleumPrice.ng confirmed the development on Friday, noting that the sudden price revision disrupted trading activities across several petroleum depots.
Market sources said the unexpected increase prompted depot operators in multiple hubs to temporarily suspend transactions as they awaited 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 was quoted as saying.
Loading operations at the refinery were also temporarily halted to allow for stock reconciliation and alignment with the revised pricing framework.
A refinery source, who spoke anonymously, explained that the adjustment was largely driven by the recent surge in global crude oil prices.
“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 risen sharply in recent days following escalating tensions in the Middle East involving the United States and Israel against Iran.
The geopolitical tensions have heightened concerns about possible disruptions to global crude supply, particularly around the Strait of Hormuz—one of the world’s most critical oil transit routes through which about 20 percent of global oil shipments pass daily.
These fears 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 climbed above the psychological $100 per barrel mark amid volatility in global energy markets.
Analysts say the rally reflects a growing “war premium” in global 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 surged to around $120 per barrel before easing to about $100 per barrel as markets entered a consolidation phase.
