Dangote Refinery Hikes Petrol Price Hours After Announcing Reduction
The Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS) 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 development that triggered increased buying activity among petroleum depot operators.
However, the price was subsequently revised upward again to N1,175 per litre, according to a senior industry official who confirmed the adjustment.
The sudden price change reportedly disrupted trading activities across several petroleum depots, with many operators temporarily suspending sales after the upward review.
Sources within the downstream sector also disclosed that the refinery briefly halted loading operations to reconcile stock levels and adjust to the updated pricing structure.
Prior to the revision, some depot owners had begun selling petrol at an average price of about N1,100 per litre, but transactions were paused following the latest adjustment.
Industry observers attribute the pricing changes partly to rising global crude oil prices, with Brent Crude reportedly increasing from about $91 to around $100 per barrel, influencing refining and fuel supply costs.
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