Petroleum marketers across Nigeria have released new depot prices for Premium Motor Spirit (PMS), commonly known as petrol, following the decision by the Dangote Petroleum Refinery to reverse its earlier price reduction.
The refinery had initially reduced the ex-depot (gantry) price of petrol by ₦100, bringing the cost down from ₦1,175 per litre to about ₦1,075 per litre earlier in March 2026. The reduction triggered a temporary drop in depot prices nationwide as marketers adjusted their selling rates.
However, the refinery later reinstated the price back to ₦1,175 per litre, citing rising global crude oil prices and increasing refining costs as key factors behind the reversal.
Following the adjustment, depot owners and petroleum marketers reviewed their pricing templates, leading to new petrol prices across major supply hubs in the country. Current depot prices now vary by location, with Lagos depots selling between ₦1,094 and ₦1,100 per litre, Warri around ₦1,170 per litre, and Port Harcourt and Calabar recording prices between ₦1,205 and ₦1,222 per litre.
Industry sources revealed that some depot operators briefly suspended sales after the price revision in order to reconcile existing stock and update their pricing structure. The move was necessary to prevent losses following the sudden price change from the refinery.
The Dangote refinery explained that the latest price adjustment was influenced by developments in the global oil market, noting that the price of Brent crude had surged from around $91 per barrel to about $100 per barrel, increasing the cost of refining petroleum products.
Energy analysts say the frequent price adjustments reflect the ongoing volatility in Nigeria’s deregulated downstream petroleum sector, where petrol prices are now largely influenced by international crude prices, exchange rates, and local supply dynamics.
With the Dangote refinery playing a major role in Nigeria’s fuel supply and the government prioritizing local refining over imports, market observers expect petrol prices to remain sensitive to changes in global oil markets and domestic distribution costs in the coming months.
