..as depot owners suspend sales
The Dangote Petroleum Refinery has raised the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,175 per litre, triggering a temporary suspension of sales by depot operators across several locations.
The development comes days after the refinery reduced the ex-depot price of petrol by ₦100, bringing it down to ₦1,075 per litre on March 10, 2026, from the previous ₦1,175 per litre.
Following the earlier reduction, depot owners had adjusted their selling price to an average of about ₦1,100 per litre. However, the sudden upward review by the refinery forced many operators to halt transactions in order to avoid potential losses and reassess their pricing.
Industry sources also indicated that loading activities at the refinery were temporarily paused to enable stock reconciliation and align operations with the revised pricing structure.
The price adjustment is believed to be linked to the recent surge in global crude oil prices. International benchmark Brent crude reportedly climbed from around $91 to about $100 per barrel, a development that significantly increases refining costs.
Rising crude pricesRising crude prices typically translate into higher production expenses for refiners, which in turn affects the ex-depot price of petroleum products.
Market analysts warn that if the upward trend in crude prices persists, retail pump prices of petrol across Nigeria could also witness further adjustments in the coming weeks.
