Nigeria’s largest refinery, Dangote Petroleum Refinery, has increased its ex-depot price for Premium Motor Spirit (PMS) by N100 per litre.
The development lifted the gantry rate to N874 from N774, setting the stage for higher pump prices nationwide.
A senior official at the refinery confirmed the adjustment on Monday, attributing the review to recent volatility in global crude oil markets and rising replacement costs.
The new price has already taken effect, according to industry tracking site petroleumprice.ng, implying a shift in downstream pricing benchmarks.
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Notably, the increase followed the refinery’s suspension of petrol loading operations from midnight on 2 March after international crude prices surged past $80 per barrel.
Industry data showed that PMS loading and the issuance of proforma invoices were temporarily halted, while Automotive Gas Oil (diesel) continued to load without interruption.
Traders revealed the move rippled through the downstream sector, with several private depot owners pausing petrol sales during the trading day as markets adjusted to the new benchmark.
The refinery’s pricing decisions carry a great weight in Nigeria’s fuel market, where depot rates often translate quickly into retail prices, particularly for independent marketers reliant on ex-depot supply.
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