• Super Admin
• 06 Mar, 2026

The Dangote Petroleum Refinery has raised its Premium Motor Spirit (PMS) gantry price to N995 per litre, a sharp N221 increase in just four days, reflecting volatility in global crude oil prices and shipping costs. A senior refinery official confirmed the new price to PUNCH Online on Friday, noting that the adjustment followed shifts in global oil market fundamentals. "Yes, the price has been reviewed. The new gantry price is now N995 per litre," the official said. The latest revision represents a significant jump from N774 per litre at the beginning of the week, marking a 29 per cent increase within four days. Industry watchers warn that this could trigger higher retail pump prices across the country, with petrol likely selling above N1,050 per litre in several locations depending on transport costs and marketers' margins. The price surge followed a brief halt in petrol loading operations at the refinery early Friday, which sparked speculation among depot owners and marketers about another price adjustment. Historical trends show that similar pauses in truck-out operations at the refinery often precede increases in petrol prices. The refinery said its pricing strategy is aligned with Nigeria's transition to a fully deregulated downstream petroleum market, where petrol prices are influenced by global crude oil costs, foreign exchange rates, and supply dynamics. It also pledged to prioritize domestic supply amid global market shocks, including rising crude and freight prices driven by tensions in the Middle East. "Despite rising costs, Dangote Refinery has absorbed about 20 per cent of the increase to ease pressure on the domestic market," the refinery stated, citing benchmark Brent crude prices rising by about 26 per cent to above $84 per barrel. Data from the Major Energies Marketers Association of Nigeria (MEMAN) shows that imported petrol currently costs around N64 less per litre than Dangote's locally refined fuel, highlighting the impact of domestic refining amid global market volatility. Source: https://thenewsguru.ng/news/dangote-refinery-petrol-hits-n995-sparks-potential-pump-price-hikes-nationwide/