The Dangote Petroleum Refinery has increased its Premium Motor Spirit gantry price by N101, raising the ex-depot rate from N774 to N875 per litre, heightening concerns over fresh fuel price increases across the country. A senior official at the refinery confirmed the development to The PUNCH on Monday, noting that the adjustment followed recent volatility in global crude oil prices. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official said. The price increase came shortly after the refinery suspended petrol loading operations effective midnight on March 2, 2026, following a sharp surge in international crude oil prices, which crossed the $80 per barrel threshold overnight. Five energy experts, in separate interviews with The PUNCH on Sunday, warned that Nigeria could witness further increases in petrol and diesel prices if crude oil prices climb above $90 per barrel.

Source: Punch March 02, 2026 21:24 UTC