Dangote Refinery has increased the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to N1,175 per litre.
The refinery had announced N100 reduction earlier in the week as global crude oil prices continue to climb.
The price was adjusted upward after it had briefly been lowered to N1,075 per litre on March 10, 2026. The earlier reduction had sparked a surge in demand from depot operators.
Data from Petroleumprice.ng also confirmed the change, noting that the development disrupted trading activities across several petroleum depots.
Loading operations at the refinery were also briefly suspended as the company carried out stock reconciliation and adjusted to the revised pricing structure.
A refinery insider explained to The Punch that the price change was largely influenced by the recent rise in global crude oil prices, which has increased the cost of refining.
“The revision reflects the surge in global crude oil prices. Brent crude moved from around $91 per barrel to about $100 per barrel, and that increase feeds directly into the cost of refining,” the source said.
Oil prices have risen sharply amid escalating tensions in the Middle East involving the United States, Iran, and Israel.
The geopolitical situation has raised fears of potential disruptions to global oil supplies, particularly around the Strait of Hormuz — a critical maritime passage through which about 20 percent of the world’s crude shipments pass each day.
These concerns have driven global benchmarks higher, with Brent crude trading above $100 per barrel during the week.
Nigeria’s Bonny Light crude also crossed the $100 per barrel mark amid the volatility in international energy markets.
Traders say the rally reflects a growing “war premium” in oil prices as markets react to the risk of supply disruptions in the Middle East.
At the height of the surge earlier in the week, Nigerian crude briefly climbed to about $120 per barrel before easing back to around $100 as the market stabilised.
