Dangote refinery raises petrol value to N1,175/litre as crude spikes

The Dangote Petrochemical Refinery has raised the ex-depot value of Premium Motor Spirit to N1,175 per litre, reversing an earlier discount of N100 introduced earlier within the week, as a contemporary surge in international crude oil costs pushes up refining prices.

A senior official who spoke with our correspondent anonymously as a result of he was not authorised to talk, confirmed on Friday that the refinery adjusted the value upward after briefly lowering the ex-depot value to N1,075 per litre on March 10, 2026, a transfer that had triggered elevated shopping for exercise amongst depot operators.

The official confirmed the newest adjustment throughout a phone dialog.

“Sure, it’s true,” the official stated when requested concerning the upward value overview.

Checks on Petroleumprice.ng additionally confirmed the event, indicating that the value revision had disrupted buying and selling actions throughout a number of petroleum depots.

In line with market sources quoted by the platform, the sudden upward adjustment prompted depot operators in a number of hubs to quickly droop gross sales as they awaited readability on the brand new pricing construction.

“Depot homeowners throughout a number of hubs have quickly halted transactions following the refinery’s upward overview of the ex-depot value,” a market supply acquainted with the event stated.

Equally, loading operations on the refinery have been additionally quickly suspended to permit for inventory reconciliation and alignment with the brand new pricing framework.

A refinery supply defined that the choice was largely pushed by rising international crude costs, which straight have an effect on refining prices.

“The revision displays the surge in international crude oil costs. Brent crude moved from round $91 per barrel to about $100 per barrel, and that enhance feeds straight into the price of refining,” the supply stated.

PidomNigeria On-line studies that international oil costs have risen sharply in latest hours following escalating tensions within the Center East involving the USA, Iran and Israel.

The geopolitical disaster has heightened fears of disruptions to international crude provide, significantly across the strategic Strait of Hormuz, one of many world’s most important oil transit routes by means of which roughly 20 per cent of worldwide oil shipments go day by day.

Issues about doable disruptions within the chokepoint have pushed international oil benchmarks increased, with Brent crude buying and selling above $100 per barrel throughout the week.

Nigeria’s flagship crude grade, Bonny Gentle, additionally surged above the psychological $100 per barrel threshold amid the volatility in international vitality markets.

The rally displays a rising “battle premium” in international oil costs as merchants issue within the danger of provide disruptions within the Center East.

On the peak of the market rally earlier within the week, Nigerian crude costs briefly climbed to about $120 per barrel earlier than easing to round $100 per barrel as markets entered a consolidation part.