Dangote Increases PMS Ex-Depot Price by N100 to N874 Amid Crude Oil Surge

Dangote Petroleum Refinery has raised its ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, by N100 per litre, increasing the rate from N774 to N874. The adjustment is expected to prompt a fresh rise in pump prices across the country.

The new pricing was confirmed on Monday after checks on petroleumprice.ng indicated that the revised rate had already taken effect.

Industry sources attributed the increase to renewed volatility in the global crude oil market, with international oil prices climbing above $80 per barrel overnight. The surge has reportedly impacted local pricing structures within Nigeria’s deregulated downstream sector.

Further findings revealed that the refinery suspended petrol loading operations from midnight on March 2, 2026, following the spike in crude prices. The halt affected the issuance of proforma invoices and PMS loading activities. However, loading of Automotive Gas Oil (diesel) continued without interruption.

The upward review of the ex-depot price is expected to influence downstream pricing benchmarks, with retail fuel prices likely to adjust in response to the higher replacement costs.

The development also triggered uncertainty within the downstream market, as several private depot owners reportedly paused petrol sales during the day amid concerns over pricing direction and supply costs.

The latest adjustment highlights the continued sensitivity of Nigeria’s domestic fuel prices to fluctuations in the international crude oil market, raising fresh concerns about the stability of pump prices under the current deregulated regime.