Dangote Announces New Petrol Price

Dangote Petroleum Refinery has increased its Premium Motor Spirit gantry price by N100, pushing the ex-depot rate to N874 per litre from N774, in a move that is expected to trigger fresh fuel price adjustments nationwide.

The development which was confirmed on Monday followed checks on petroleumprice.ng, which showed that the revised pricing had already taken effect.

Findings indicated that the upward review was driven by renewed volatility in the global crude oil market, with international oil prices surging past $80 per barrel overnight.

Industry data showed that the refinery had, effective midnight on March 2, 2026, suspended petrol loading operations after the spike in crude prices. The suspension affected the issuance of proforma invoices and PMS loading activities, although Automotive Gas Oil (diesel) continued to load without disruption.

Checks on petroleumprice.ng further revealed that the implementation of the new N874 per litre ex-depot rate signals a shift in downstream pricing benchmarks, with retail pump prices likely to adjust in response.

The development sent ripples across Nigeria’s downstream petroleum sector, as several private depot owners halted petrol sales during the trading day amid uncertainty over replacement costs and pricing direction.

The latest adjustment underscores the sensitivity of domestic fuel pricing to movements in international crude markets, reinforcing concerns over the sustainability of pump price stability in the current deregulated environment.

Meanwhile, some Nigerians have expressed concerns about the development, lamenting that it may trigger fresh fuel price adjustments nationwide.

Mr John Obaloye, in Osogbo, capital of Osun State, told THE POINT that transportation fares may skyrocket, thus affecting prices of foods and other items.

“We all know that in that country, once petrol price rises, transportation fares and prices of foods are also expected to increase. This will certainly worsen our economic conditions. Government should do something about it,” he said.

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