The Dangote Petroleum Refinery has announced a reversal of its recent price cut, raising its ex-depot price for Premium Motor Spirit (PMS) to ₦1,175 per litre. The decision, effective immediately, has prompted depot operators across Nigeria to temporarily suspend sales transactions as the market adjusts to the new pricing framework.
This adjustment follows a reduction made just weeks earlier. On March 10, 2026, the refinery had lowered its petrol price by ₦100, from ₦1,175 to ₦1,075 per litre. In response, some depot operators had begun selling to marketers at an average of ₦1,100 per litre. The subsequent increase has now necessitated a pause in these activities.
According to a statement from the refinery, it has temporarily halted all loading operations. This suspension is intended to allow for a comprehensive reconciliation of stock levels and a full recalibration of its systems to align with the updated pricing structure. The move aims to ensure transactional accuracy and stability during the transition.
The primary driver for this price revision is the sustained increase in global crude oil prices. Brent crude, a key international benchmark, has risen from $91 to $100 per barrel in recent weeks. This escalation directly impacts the cost of refining feedstock, thereby influencing the final product pricing at facilities like the Dangote Refinery.
The development underscores the direct correlation between international oil markets and domestic fuel costs in Nigeria, a major oil importer. The Dangote Refinery, operational since 2023, is central to Nigeria’s strategy for achieving fuel self-sufficiency and stabilising local prices. However, its pricing decisions remain sensitive to global commodity fluctuations and foreign exchange dynamics.
Industry observers note that the temporary pause in depot sales may cause short-term supply chain disruptions, potentially affecting fuel availability and retail prices in the coming days. The refinery has indicated that normal loading operations will resume once the stock reconciliation and pricing adjustments are complete. The situation highlights the volatile interplay between global oil benchmarks and Africa’s largest economy’s critical fuel market, with the Dangote facility’s定价 now a pivotal factor in national energy security.
