The Dangote Petroleum Refinery has increased its ex-gantry (ex-depot) price of Premium Motor Spirit (PMS/petrol) to ₦995 per litre the second hike in less than a week.
A reliable source at the refinery confirmed the adjustment took effect on Friday, March 6, 2026.
The price had previously been raised from ₦774 to ₦874 earlier in the week, meaning a total jump of ₦221 (roughly 29%) in just days.
The increases are largely attributed to surging global crude oil prices, which reached around $91 per barrel on Friday amid escalating geopolitical tensions in the Middle East, including the Israel-Iran conflict and disruptions in key shipping routes like the Strait of Hormuz.
Qatar’s Energy Minister recently warned that oil could climb to $150 per barrel if tanker traffic through the Strait of Hormuz is further restricted. Several major shipping companies have already paused operations in the region due to security risks.
The latest ex-gantry price comes shortly after NNPC Limited adjusted retail pump prices to ₦933 per litre in Lagos and ₦960 in Abuja as of March 5.Market analysts expect the new ₦995 ex-gantry rate to push retail petrol prices nationwide toward ₦1,050 or more in the coming days, once transportation, taxes, and marketers’ margins are factored in.
This would intensify pressure on households, transport operators, and businesses already facing high inflation and living costs.
As Africa’s largest single-train refinery with a 650,000 barrels-per-day capacity, Dangote has aimed to stabilize domestic supply and reduce import dependence.
However, its pricing remains heavily influenced by international oil market volatility.
Stakeholders, including transport unions and consumer groups, have called for urgent interventions to mitigate the impact of frequent fuel price rises on transportation costs, food prices, and overall economic hardship.
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