₦airaland Forum

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.

“Yes, the price has been reviewed. The new gantry price is now N875 per litre from N774. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official said.

Checks by The PUNCH on petroleumprice.ng confirmed that the revised price had already been reflected, indicating a shift in downstream pricing benchmarks.

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.

Data obtained from industry sources showed that Premium Motor Spirit loading stopped at exactly midnight, halting product lifting and the issuance of Proforma Invoices, an indication that fresh transactions were temporarily paused.

However, the suspension applied strictly to petrol, as Automotive Gas Oil, popularly known as diesel, continued to load.

The refinery’s action also triggered a coordinated response across the downstream sector, as several private depot owners nationwide halted petrol sales during the trading day.

“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 said.

The development comes amid heightened global oil market volatility linked to tensions between the United States and Iran, which have raised concerns about supply disruptions, particularly in the strategic Strait of Hormuz.

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.

They said sustained hostilities in the Middle East could disrupt global supply chains, increase shipping and insurance costs, and raise import and refining costs for products despite Nigeria’s growing local refining capacity.

Mattswaggz:
While other crude producing countries will enjoy this sudden rise in prices.... Nigeria where things mostly happen upside down will be paying a heavy price instead.

EKONGKING:
Which part ,is it saudi ,Iran , Kuwait or Qatar .

Mattswaggz:
While other crude producing countries will enjoy this sudden rise in prices.... Nigeria where things mostly happen upside down will be paying a heavy price instead.

Mattswaggz:
All and many more.

ogododo:
https://punchng.com/breaking-dangote-refinery-raises-petrol-price-to-n875/

anonimi:
Petrol should never cost more than N70 per litre, says APC

January 19, 2015

The All Progressives Congress (APC) has described as mere tokenism the reduction of petrol price from N97 to N87 per litre, saying the petroleum product ordinarily should sell for N70.

On Sunday, the federal government announced the reduction of petrol price, citing the fall of global crude oil price.

But the APC through Lai Mohammed, its spokesman, on Monday accused the government of making a show out of deceit, saying “a 10.3 per cent slash in the price of petrol was a mere tokenism at a time the price of crude oil has crashed by about 60 per cent”.

It argued that the pump price of a litre of petrol should not be more than 70 Naira, alleging that at N87 per litre, the government was forcing Nigerians to subsidise the massive corruption in the oil sector by N17 for every litre of fuel.

https://www.thecable.ng/petrol-never-cost-n70-per-litre-says-apc/

muykem:
Consequence of war in Iran. Except more if the war lingering. Everybody is a victim during the war as the world is now a global village.

Dannieln1:
The prices will keep increasing as long as the war rages on,

And the benefactor of this war are still the west.

NJV:
Drop today, raise tomorrow, and the circle goes on

EKONGKING:
Which part ,is it saudi ,Iran , Kuwait or Qatar .

Apel147:
While ignorant Nigerians take sides with there oppressors ignorantly!

BioData45:
Every country should never have !slam as a neighbor. We can see the result everywhere they are.

Tufia! Spit

Fxwarrior:
To think Apc crucified Jonathan for making it #87 and keep quiet when it's #875.

nairalanda1:
Saudi...40 million people, 10 million bpd crude
Kuwait: 6 million people, 2.5 million bpd
Qatar: 1.9 million people, 1.1 million bpd
Nigeria: 230 million people, 1.5-1.7 million bpd.

Una see our problem? That is why we must run an economy that is based on manufactured goods and services, so that oil revenue goes to oil producing states alone.

AntiChristian:
What result?

Ignorance! Better go and learn!

BioData45:
Sir/ma, you should have educate me with facts instead of calling me name. Or should we say you're the ignorant person here?

AntiChristian:
Every country should not have Islam as a neigbour!

Is Islam a country?

Is USA/Israel representing Christianity?

Na so bias and bigotry dey smell!

Mattswaggz:
I don't see any problem with my assertions....my point remains "corruption and mismanagement of public funds" in as much as there is urgent need to diversity long before even now the little gotten from oil haven't been put to good use and even this surplus hardly would....that's my point.