Nigeria’s fuel market is set for another price adjustment after the Dangote Petroleum Refinery increased its petrol price to N875 per litre, up from N774 per litre at the gantry.
The decision reflects the growing pressure from rising global crude oil prices and increased replacement costs in the energy market.
According to a senior official at the refinery, the new price took effect following recent volatility in the global oil market.
The adjustment is expected to influence petrol prices across Nigeria as marketers and depot operators adjust to the new ex-depot rate.
The refinery’s updated gantry price represents a N101 increase per litre, a move that could lead to higher pump prices nationwide.
Industry analysts say petrol prices at filling stations may rise further as distributors factor in logistics, margins, and operational costs.
Petrol Loading Temporarily Suspended
Industry data shows that petrol loading operations at the refinery were temporarily suspended at midnight on March 2, 2026.
The halt affected the lifting of Premium Motor Spirit (PMS) and the issuance of Proforma Invoices, effectively pausing new petrol transactions.
However, diesel supply remained unaffected. Loading of Automotive Gas Oil (AGO) continued despite the suspension of petrol sales.
The development also triggered reactions across Nigeria’s downstream petroleum sector.
Several private depot owners reportedly suspended petrol sales during the trading day as they reassessed pricing amid rising crude oil costs.
According to downstream operators, many marketers chose to hold back supply to avoid selling below replacement cost while global oil prices remain volatile.
Middle East Tensions Driving Oil Market Volatility
Energy analysts say tensions between the United States and Iran have intensified uncertainty in global energy markets.
Concerns over potential disruptions to shipping routes in the Strait of Hormuz, a critical oil transit corridor, have contributed to the surge in crude prices.
Recent data shows international crude oil prices rising above $80 per barrel, fueling fears of further increases if geopolitical tensions escalate.
Experts warn that if crude oil prices approach or exceed $90 per barrel, Nigeria could experience additional increases in petrol and diesel prices despite the country’s growing local refining capacity.
For consumers and businesses, the refinery’s latest price adjustment signals the possibility of higher transportation and energy costs in the coming weeks as the market reacts to global oil dynamics.
