The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price by N101, raising the ex-depot rate from N774 to N875 per litre, sparking fears of another round of fuel price hikes nationwide.

A senior official at the refinery confirmed the adjustment on Monday in an interview with The PUNCH, attributing the decision to recent volatility in global crude oil prices.

“Yes, the price has been reviewed. The new gantry price is now N875 per litre from N774. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official stated.

Checks on petroleumprice.ng indicated that the revised rate had already been updated, reflecting a shift in downstream pricing benchmarks.

The price review came shortly after the refinery suspended petrol loading operations effective midnight on March 2, 2026, following a sharp spike in international crude oil prices, which climbed above $80 per barrel overnight.

Industry data showed that PMS loading ceased at exactly midnight, halting product lifting and the issuance of Proforma Invoices—signalling a temporary pause in new transactions. The suspension, however, applied only to petrol, as Automotive Gas Oil (diesel) continued to load.

The refinery’s decision prompted a ripple effect across the downstream sector, with several private depot owners reportedly suspending PMS sales during the trading day.

“Several depot owners suspended 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 volatility in the global oil market, driven largely by tensions between the United States and Iran. The escalating situation has intensified concerns about possible supply disruptions, particularly around the strategic Strait of Hormuz.

Energy experts, in separate interviews with The PUNCH, cautioned that Nigeria could see further increases in petrol and diesel prices if crude oil climbs beyond $90 per barrel. They warned that prolonged instability in the Middle East could disrupt global supply chains, raise shipping and insurance costs, and push up import and refining expenses despite the country’s expanding local refining capacity.