The Dangote Petroleum Refinery has raised its Premium Motor Spirit gantry price by N101 per litre, increasing the ex-depot rate from N774 to N875 per litre.

This adjustment has intensified worries about impending nationwide fuel price hikes.

A senior official at the refinery confirmed the change to The PUNCH on Monday. The official explained that the revision was driven by recent fluctuations in global crude oil prices.

“Yes, the price has been reviewed. The new gantry price is now N875 per litre from N774. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official said.

Verification on petroleumprice.ng showed that the updated price was already active on the platform. This signals a broader realignment in downstream petroleum pricing standards.

The increase followed the refinery’s suspension of petrol loading activities, which took effect at midnight on March 2, 2026. The halt came after international crude oil prices surged past the $80 per barrel mark overnight.

Industry data revealed that PMS loading ceased precisely at midnight. This stopped product offloading and the release of Proforma Invoices, effectively pausing new transactions for the product.

The suspension was limited to petrol only. Diesel, known as Automotive Gas Oil (AGO), continued normal loading operations.

The refinery’s move prompted widespread reactions in the downstream sector. Several private depot operators across the country stopped selling petrol during the day’s trading activities.

“Several depot owners suspended PMS sales because of the crude rally. The market is already factoring in risk premiums. Nobody wants to sell below replacement cost,” a downstream operator said.

This situation has unfolded against a backdrop of increased volatility in the global oil market. Tensions between the United States and Iran have fueled fears of potential supply interruptions, especially through the critical Strait of Hormuz.

Five energy experts, speaking separately to The PUNCH on Sunday, cautioned that Nigeria might face additional rises in petrol and diesel costs. They highlighted the risk if crude oil prices exceed $90 per barrel.

They explained that prolonged conflict in the Middle East could interfere with global supply routes. Such disruptions would elevate shipping and insurance expenses, ultimately pushing up import and refining costs for petroleum products. This holds true even as Nigeria expands its domestic refining capabilities.