The price of Premium Motor Spirit (petrol) at retail pump stations may soon rise to between N980 and over N1,000 per litre, depending on location nationwide, following a fresh increase in the gantry price by the Dangote Petroleum Refinery, The PUNCH has learnt.
The development comes as the President of the Dangote Group, Aliko Dangote, unveiled plans to invest in electricity generation, alongside expansions into steel production and port infrastructure, as part of a broader ambition to industrialise Africa and strengthen domestic energy security.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed the likely retail price in a telephone interview on Monday.
“Following the increase by Dangote, the pump price will likely range between N980 and over N1,000 per litre, depending on location and logistics. This is largely the effect of the recent hike in global crude oil prices,” Ukadike said.
A senior official at the refinery first confirmed the price adjustment, noting that it was driven by volatility in the international crude oil market. “Yes, the price has been reviewed. The new gantry price is now N874 per litre from N774. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official said.
Checks by petroleumprice.ng also showed that the revised rate had been reflected across the downstream value chain, indicating a shift in pricing benchmarks. In a notice to marketers, the refinery stated:
“Dear Valued Customer, we are pleased to inform you that PMS is currently available for purchase. Please be informed that the current price is N874 per litre. Thank you for choosing Dangote.”
The increase followed a temporary suspension of petrol loading operations at the refinery effective midnight on March 2, 2026, after global crude oil prices surged above $80 per barrel. While petrol loading paused, Automotive Gas Oil (diesel) continued to be supplied.
Several depot owners also suspended petrol sales to reassess replacement costs. “Several depot owners halted PMS sales because of the crude rally. The market is already factoring in risk premiums. Nobody wants to sell below replacement cost,” a downstream operator said.
The development comes amid heightened global oil market volatility linked to escalating tensions between the United States and Iran, raising fears of possible supply disruptions around the strategic Strait of Hormuz. Five energy experts warned that Nigeria could see further increases in petrol and diesel prices if crude oil surpasses $90 per barrel.
According to analysts, sustained hostilities in the Middle East could disrupt supply chains, raise shipping and insurance costs, and ultimately push up the cost of refined petroleum products despite Nigeria’s growing domestic refining capacity.
JPMorgan Chase has projected that Brent crude could climb to $120 per barrel if a prolonged Middle East conflict continues to disrupt oil flows through the strait. The bank noted that Gulf producers could maintain normal output for only about 25 days before storage facilities reach capacity, forcing a broader production shutdown.
Oil prices surged sharply on Monday following a significant escalation involving the United States, Israel, and Iran. Brent crude for April delivery rose 8.7 percent to $79.28 per barrel, while West Texas Intermediate gained 7.8 percent to trade at $72.16. The rise followed a coordinated U.S.-Israeli operation targeting Iranian missile facilities and command centers, reportedly resulting in the deaths of Iran’s Supreme Leader, Ayatollah Ali Khamenei, and nearly 50 senior Iranian officials.
Iran responded with missile and drone strikes targeting Israel and U.S. military installations across the Persian Gulf, including locations in Bahrain and the United Arab Emirates. Reports indicate at least 11 fatalities in Israel and three U.S. service members killed, with five others wounded.
