The Dangote Petroleum Refinery has reversed its recent price cut and increased the ex-depot price of Premium Motor Spirit (PMS) back to ₦1,175 per litre, barely hours after reducing it to ₦1,075 per litre on March 10, 2026.
A senior official at the refinery confirmed the upward adjustment in a telephone conversation with sources, stating simply, “Yes, it is true,” when asked about the latest revision.
Checks on Petroleumprice.ng also verified the change, noting that the price hike has temporarily disrupted trading activities at several petroleum depots across the country.
Depot operators, who had begun selling at an average of ₦1,100 per litre following the earlier reduction, immediately paused transactions in response to the new increase.
The refinery has also halted loading operations temporarily to reconcile stock levels and align with the updated pricing structure.
A market source familiar with the situation explained: “Depot owners across multiple hubs have temporarily halted transactions following the refinery’s upward review of the ex-depot price.”
The latest increase follows a brief reduction of ₦100 per litre (from ₦1,175 to ₦1,075) announced earlier in the week, which had spurred increased buying activity among marketers.
The refinery attributed the adjustment to the recent surge in global crude oil prices, with Brent crude rising from $91 to $100 per barrel, directly impacting refining costs.
The development has added to the economic pressures on Nigerians already grappling with high fuel costs and inflation. Many depot operators and marketers are now awaiting further clarity before resuming sales.
