The Dangote Petroleum Refinery has increased its ex-depot (gantry) price for Premium Motor Spirit (PMS), commonly known as petrol, to ₦875 per litre. This represents a significant hike of ₦101 from the previous rate of ₦774 per litre. The adjustment was confirmed by a senior official at the refinery on Monday, March 2, 2026.

The price revision is attributed to recent volatility in global crude oil markets, including changes in international crude fundamentals and higher replacement costs. This comes amid a surge in global crude prices, which reportedly exceeded $80 per barrel overnight, prompting the refinery to temporarily suspend petrol loading operations effective midnight on the same day.

The move is expected to trigger upward adjustments in retail pump prices across Nigeria in the coming days, as marketers and filling stations align with the new ex-depot benchmark. Analysts warn that this could further strain household budgets, transportation costs, and the prices of goods and services amid ongoing economic pressures and inflation.

The increase has been linked in some reports to broader geopolitical factors influencing oil markets, such as tensions involving the US, Israel, and Iran.