The first casualty of the crisis in the Arabian Gulf could be the Nigerian economy, just recently lowering its inflation from the mid-30’s to 15% as at last quarter of 2025.
But now, amid the crisis in the Middle East and shocks to the global oil supply, Dangote Petroleum Refinery has raised its Premium Motor Spirit (PMS) gantry price by ₦101, moving the ex-depot rate from ₦774 to ₦875 per litre.
The increase is generating many concerns about fresh fuel price hikes nationwide.
A senior refinery official confirmed the adjustment on Monday, citing volatility in global crude oil prices.
“Yes, the price has been reviewed. The new gantry price is now ₦875 per litre from ₦774. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official said.
Checks on petroleumprice.ng showed the revised price already reflected in downstream benchmarks.
The increase followed the refinery’s suspension of petrol loading operations at midnight on March 2, 2026, after crude oil prices surged past $80 per barrel.
Suspension Of Petrol Loading
Industry sources said PMS loading stopped at midnight, halting product lifting and invoice issuance. However, diesel loading continued.
The refinery’s suspension triggered a ripple effect across the downstream sector, with several private depot owners halting petrol sales.
“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 explained.
The development comes amid heightened global oil market volatility linked to tensions between the United States and Iran. Concerns are growing about possible supply disruptions in the Strait of Hormuz.
Energy experts warned that Nigeria could face further increases in petrol and diesel prices if crude climbs above $90 per barrel.
They said sustained hostilities in the Middle East could disrupt supply chains, raise shipping and insurance costs, and increase refining expenses despite Nigeria’s expanding local capacity.
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