Dangote Refinery raises PMS price by N100 amid crude oil surge

By James Ike

Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price by N100, pushing the ex-depot rate to N874 per litre from N774, sparking fresh concerns over a possible rise in pump prices nationwide.

A senior official of the refinery confirmed the development on Monday, attributing the adjustment to volatility in the global crude oil market.

“Yes, the price has been reviewed. The new gantry price is now N874 per litre, up from N774. The revision became necessary due to changes in global crude fundamentals and replacement costs,” the official stated.

Market checks on petroleumprice.ng showed that the new price has already taken effect, signaling a shift in downstream pricing benchmarks that could impact retail petrol prices across the country.

The adjustment came shortly after the refinery suspended petrol loading operations effective midnight, March 2, 2026, following a surge in international crude oil prices beyond $80 per barrel. Industry sources indicated that while PMS loading and issuance of proforma invoices were temporarily halted, Automotive Gas Oil (diesel) distribution continued without disruption.

The development sent ripples across the downstream sector, with several private depot owners reportedly suspending PMS sales during the trading day.

“Several depot owners suspended PMS sales because of the crude rally. The market is already factoring in risk premiums. Nobody wants to sell below replacement cost,” a downstream operator said.