The Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,175 per litre, only hours after announcing a reduction in the price of the product.
The refinery had earlier lowered the ex-depot price to N1,075 per litre on March 10, 2026, a move that triggered a surge in buying activity among petroleum depot operators.
However, the price was later revised upward to N1,175 per litre, according to a senior industry official who confirmed the adjustment.
The sudden change reportedly disrupted trading activities across several petroleum depots, with many operators temporarily suspending sales following the latest review.
Sources in the downstream sector said the refinery briefly halted loading operations to reconcile stock levels and adjust to the updated pricing structure.
Before the latest revision, some depot owners had begun selling petrol at an average price of about N1,100 per litre, but transactions were paused after the price adjustment.
Industry observers linked the development partly to rising global crude oil prices, particularly the increase in Brent Crude from about $91 to nearly $100 per barrel.
The fluctuation in international crude prices, analysts say, continues to influence refining costs and fuel supply dynamics in Nigeria’s downstream petroleum sector.
