The Dangote Petrochemical Refinery has raised the ex-depot price of Premium Motor Spirit to N1,175 per litre, reversing an earlier reduction of N100 announced earlier in the week, as a fresh surge in global crude oil prices pushes up refining costs.
A senior official who spoke with our correspondent anonymously because he was not authorised to speak, confirmed on Friday that the refinery adjusted the price upward after briefly reducing the ex-depot price to N1,075 per litre on March 10, 2026, a move that had triggered increased buying activity among depot operators.
The official confirmed the latest adjustment during a telephone conversation.
“Yes, it is true,” the official said when asked about the upward price review.
Checks on Petroleumprice.ng also confirmed the development, indicating that the price revision had disrupted trading activities across several petroleum depots.
According to market sources quoted by the platform, the sudden upward adjustment prompted depot operators in multiple hubs to temporarily suspend sales as they awaited clarity on the new pricing structure.
“Depot owners across multiple hubs have temporarily halted transactions following the refinery’s upward review of the ex-depot price,” a market source familiar with the development said.
Similarly, loading operations at the refinery were also temporarily suspended to allow for stock reconciliation and alignment with the new pricing framework.
A refinery source explained that the decision was largely driven by rising global crude prices, which directly affect refining costs.
“The revision reflects the surge in global crude oil prices. Brent crude moved from around $91 per barrel to about $100 per barrel, and that increase feeds directly into the cost of refining,” the source said.
PUNCH Online reports that global oil prices have risen sharply in recent hours following escalating tensions in the Middle East involving the United States, Iran and Israel.
The geopolitical crisis has heightened fears of disruptions to global crude supply, particularly around the strategic Strait of Hormuz, one of the world’s most critical oil transit routes through which roughly 20 per cent of global oil shipments pass daily.
Concerns about possible disruptions in the chokepoint have pushed global oil benchmarks higher, with Brent crude trading above $100 per barrel during the week.
Nigeria’s flagship crude grade, Bonny Light, also surged above the psychological $100 per barrel threshold amid the volatility in global energy markets.
The rally reflects a growing “war premium” in global oil prices as traders factor in the risk of supply disruptions in the Middle East.
At the peak of the market rally earlier in the week, Nigerian crude prices briefly climbed to about $120 per barrel before easing to around $100 per barrel as markets entered a consolidation phase.