The Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS) to ₦1,175 per litre, prompting depot operators across the country to temporarily halt sales.
Earlier, on March 10, 2026, the refinery had reduced the ex-depot price by ₦100 to ₦1,075 per litre from ₦1,175, with depot operators selling at an average of ₦1,100 per litre. The recent revision has led to an immediate pause in sales as operators reconcile with the updated pricing.
The refinery has also temporarily halted loading operations to adjust stock levels in line with the new pricing framework.
The move comes in response to the rising global crude oil prices, with Brent crude climbing from $91 to $100 per barrel and West Texas Intermediate (WTI) reaching $96.30 per barrel as of Friday morning. Brent crude topped $101.3 per barrel, reflecting a 0.64 percent day-to-day increase, while WTI rose by 0.09 percent.
The escalation in crude prices is linked to the ongoing Iran-United States-Israel conflict, which has disrupted oil supply chains, including the blockage of the Strait of Hormuz and shutdowns of major refineries in the Gulf region.
Since the war began on February 28, premium motor spirit prices have increased at least three times. Dangote Refinery had initially raised its gantry price to ₦1,175 per litre from ₦799 but had temporarily reduced it to ₦1,075 following a brief dip in crude prices earlier this week.
Currently, retail petrol and diesel prices in parts of Abuja have soared to as high as ₦1,330 and ₦1,690 per litre, respectively, raising concerns about further petroleum price hikes in Nigeria.