The Dangote Petroleum Refinery has reversed its recent price cut and raised the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,175 per litre.
A source at the refinery confirmed on Friday that the new price comes just days after the refinery had reduced the ex-depot price by ₦100 to ₦1,075 per litre on March 10, 2026, a move that had triggered heavy buying by depot operators.
Following the latest increase, depot operators across the country temporarily suspended sales transactions to reassess their pricing and stock levels.
The earlier reduction had encouraged many operators to sell petrol at an average of ₦1,100 per litre, but the sudden upward revision forced them to halt sales to avoid potential losses.
The refinery has also temporarily suspended loading operations while reconciling stock levels and aligning its distribution system with the updated price structure, further disrupting supply activities at depots.
The latest price adjustment has been linked to a sharp rise in global crude oil prices, with Brent crude climbing from about $91 to $100 per barrel.
The increase in crude prices has raised refining costs, leaving the refinery with limited room to sustain lower petrol prices.
The refinery has adjusted petrol prices several times in recent weeks due to volatility in global energy markets.
Much of the instability has been driven by tensions in the Middle East involving the United States, Iran, and Israel, which have disrupted oil supply and affected global crude prices.
Before the brief March 10 reduction, the Dangote Refinery had increased petrol prices three consecutive times, reflecting the ongoing pressure from rising crude costs and global market uncertainty.
