By Nchetachi Chukwuajah
The Dangote Petroleum Refinery has increased the gantry price of its Premium Motor Spirit (PMS), popularly known as petrol, from N774 to N875 per litre.
The N101 ex-depot rate increase was confirmed by a senior official at the refinery on Monday, March 2, 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.
Also, checks 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.
The pause on petrol loading follows a sharp surge in international crude oil prices, which crossed the $80 per barrel threshold overnight.
According to industry sources, PMS loading stopped at exactly midnight, halting product lifting and the issuance of Proforma Invoices.
The suspension, however, applied strictly to petrol, as Automotive Gas Oil, popularly known as diesel, continued to load.
The development comes amid heightened global oil market volatility linked to tensions between the United States and Iran, raising concerns about supply disruptions, particularly in the Strait of Hormuz.
