Petrol prices have increased across several filling stations in Nigeria following a fresh adjustment in ex-depot pricing by the Dangote Petroleum Refinery. The development has triggered concerns about further hikes and possible supply disruptions in the downstream petroleum market.
The Dangote refinery recently raised its gantry price for Premium Motor Spirit (PMS) to ₦874 per litre, up from ₦774. The adjustment comes after earlier reductions in late 2025 and early 2026 that had pushed the price down to ₦699 per litre in December 2025.
The new pricing has already reflected at retail outlets nationwide. Market monitoring shows petrol selling between ₦915 and ₦930 per litre at several filling stations.
On March 4, 2026, the Nigerian National Petroleum Company (NNPC) increased its pump price to ₦937 per litre. Other marketers also adjusted their rates, with Jezco selling at ₦915 per litre, Javy at ₦930, and Petrocam at ₦935.
Industry stakeholders say the upward adjustment is linked to volatility in global crude oil prices and changes in replacement costs across the international oil market.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said the refinery’s new ex-depot price is expected to push pump prices even higher. He noted that retail prices could range between ₦980 and above ₦1,000 per litre depending on location, transportation costs, and supply logistics.
Data from petroleumprice.ng indicates the revised rate has already begun influencing pricing across the downstream supply chain, signalling a shift in market benchmarks.
In a notice issued to petroleum marketers, the Dangote refinery confirmed the updated gantry price. The refinery stated that PMS was available for purchase at ₦874 per litre and urged customers to proceed with supply arrangements.
The increase follows a temporary suspension of petrol loading operations at the refinery from midnight on March 2, 2026. The pause occurred after global crude oil prices climbed above $80 per barrel. While petrol loading was halted during the period, diesel supply continued uninterrupted.
Several depot operators also suspended petrol sales during the period to reassess replacement costs amid the rising crude oil market.
International financial analysts have warned that crude oil prices could climb further if geopolitical tensions in the Middle East escalate. JPMorgan Chase projected that Brent crude could reach $120 per barrel if oil flows through key regional routes become disrupted.
The bank noted that Gulf oil producers may only sustain normal output for about 25 days before storage capacity constraints force wider production shutdowns.
Meanwhile, human rights activist Deji Adeyanju criticised the recent fuel price adjustment, questioning the justification for the increase. He argued that crude supplied to the refinery is sourced locally and sold in naira under a government-backed arrangement.
Adeyanju also expressed concern that some of the petrol currently being sold may have been refined before the recent surge in global oil prices, raising questions about the timing of the price adjustment.
He further warned that the refinery’s dominant position in the domestic market could limit competition and place additional pressure on Nigerian consumers already facing rising living costs.
