The Dangote Refinery has again raised the ex-depot price of Premium Motor Spirit to N1,175 per litre, reversing an earlier reduction of N100 announced earlier in the week.
A senior official who spoke with Punch, confirmed on Friday that the refinery adjusted the price upward after briefly reducing the ex-depot price to N1,075 per litre on March 10, 2026, a move that had triggered increased buying activity among depot operators as a fresh surge in global crude oil prices pushes up refining costs.
The official confirmed the latest adjustment during a telephone conversation.
“Yes, it is true,” the official said when asked about the upward price review.
Checks on Petroleumprice.ng also confirmed the development, indicating that the price revision had disrupted trading activities across several petroleum depots.
According to market sources quoted by the platform, the sudden upward adjustment prompted depot operators in multiple hubs to temporarily suspend sales as they awaited clarity on the new pricing structure.
“Depot owners across multiple hubs have temporarily halted transactions following the refinery’s upward review of the ex-depot price,” a market source familiar with the development said.
Similarly, loading operations at the refinery were also temporarily suspended to allow for stock reconciliation and alignment with the new pricing framework.
A refinery source explained that the decision was largely driven by rising global crude prices, which directly affect refining costs.
