Again! Dangote Refinery Raises Petrol Price To ₦1,175/Litre As Crude Spikes

The Dangote Petrochemical Refinery has hiked the ex-depot price of Premium Motor Spirit (PMS) to N1,175 per litre, reversing a N100 reduction it announced earlier this week amid soaring global crude oil costs.

A senior refinery official, who spoke on condition of anonymity because he was not authorised to comment publicly, confirmed the upward review to our correspondent on Friday.

“Yes, it is true,” the official stated during a telephone interview when asked about the latest adjustment.

The refinery had slashed the ex-depot price to N1,075 per litre on March 10, 2026, a move that sparked a rush of buying by depot operators across the country. But fresh volatility in international oil markets forced the quick reversal.

Independent checks on the industry portal Petroleumprice.ng confirmed the new rate, with the platform updating its templates to reflect the change. Market operators said the sudden hike has thrown trading into disarray.

“Depot owners across multiple hubs have temporarily halted transactions following the refinery’s upward review of the ex-depot price,” one trader familiar with the situation told our correspondent.

Loading activities at the refinery itself were also suspended briefly to allow for stock reconciliation and alignment with the revised pricing.

Refinery insiders linked the decision directly to the sharp rise in global crude benchmarks.

“The revision reflects the surge in global crude oil prices. Brent crude moved from around $91 per barrel to above $100 per barrel, and that increase feeds directly into the cost of refining,” a source at the facility explained.

NaijaChoice News had earlier reported the escalation in global oil prices triggered by mounting tensions in the Middle East involving the United States, Iran and Israel. The conflict has raised fears of major supply disruptions, especially through the Strait of Hormuz, a critical chokepoint handling about 20 per cent of global oil shipments daily.

Brent crude has since climbed above $100 per barrel and was trading as high as $103.86 per barrel on Friday. Nigeria’s flagship Bonny Light grade also crossed the $100 psychological mark, hitting peaks near $120 per barrel earlier in the week before easing slightly.

Analysts describe the rally as a “war premium” baked into prices as traders brace for possible interruptions in Middle East supplies.

This latest adjustment marks yet another swing in Dangote Refinery’s pricing template in recent weeks, coming after several upward and downward revisions since early March. Downstream operators fear the new ex-depot rate could push retail pump prices higher in coming days, further straining household budgets and driving up the cost of goods and services nationwide.

Marketers are now watching closely for the next template from the refinery as global crude volatility persists.