The Dangote Petroleum Refinery has announced an upward adjustment in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,175 per litre. The price review, effective as of today, reflects the continued volatility and sharp increase in global crude oil prices driven by escalating geopolitical tensions in the Middle East.
This latest adjustment reverses a temporary price reduction implemented earlier in the week. According to a senior official at the refinery who spoke on condition of anonymity, the decision was necessitated by the surge in international crude benchmarks.
"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 explained.
The price movement comes amid a turbulent period for global energy markets, triggered by the ongoing US-Israeli conflict with Iran. The instability has raised fears of supply disruptions through the Strait of Hormuz, a critical chokepoint through which a significant portion of the world's oil passes.
This "war premium" has pushed Brent crude above $100 per barrel, directly impacting refining costs in Nigeria despite increased local production.
The refinery had briefly reduced its ex-depot price to ₦1,075 per litre on March 10, 2026, a move that spurred increased buying activity among depot operators. However, the renewed spike in crude prices has forced a reversal, with trading activities across several petroleum depots reportedly disrupted as operators await clarity on the new pricing structure.
Despite the price volatility, the Dangote Refinery has assured the Nigerian public of a consistent supply of petroleum products, emphasizing that domestic refining capacity is crucial to preventing the kind of acute shortages seen in other regions. "What is worse than $120 oil is no oil," David Bird, Managing Director and CEO of the refinery, stated during a recent media briefing, highlighting that the facility prioritizes the Nigerian market even amidst global disruptions.
Industry analysts note that while the ex-depot price now stands at ₦1,175, retail pump prices across the country may vary, with marketers adding transport and operational costs.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has acknowledged the difficult market conditions but maintains that product availability, even at higher costs, remains preferable to scarcity.
The refinery continues to source a significant portion of its crude from the international market, paying global prices, which links its output directly to international oil market fluctuations.