Nigeria’s fuel market tightened further on Friday, checks by Petroleumprice.ng reveals that Dangote Refinery has again raised its ex-depot price of Premium Motor Spirit (PMS) pushing the rate to ₦995 per litre. The latest adjustment represents a ₦121 increase, coming barely days after the refinery had earlier reviewed its price upward, signalling growing pressure across the country’s downstream petroleum sector.
The new development follows an earlier price hike on March 2, when the refinery increased its ex-depot petrol price from ₦774 to ₦874 per litre, a move that had already sent ripples through the fuel supply chain. However, with global crude oil prices surging and replacement costs rising sharply, the refinery has now implemented another upward review, taking the price to ₦995 per litre.
Industry sources also disclosed that product loading at the refinery was briefly suspended in the early hours of Friday, around 2 a.m, before the latest price adjustment was announced. The temporary halt in loading created uncertainty among marketers, many of whom had earlier rushed to secure supply amid expectations of another price increase.
Across the wholesale market, the effect of the new ex-depot price is already visible. Observations from the downstream market show that several depots are now quoting around ₦1,000 per litre for PMS, reflecting the higher replacement cost marketers now face when sourcing products.
In the South-South axis, prices appear even steeper. Market checks in Calabar revealed that Fynfield earlier sold petrol at about ₦1,050 per litre, one of the highest depot prices currently observed in the country.
At the retail level, filling stations in the North-West region were observed dispensing petrol at around ₦1,013 per litre, further highlighting the widening price differences across regions depending on supply channels and logistics costs.
Driving much of the current pressure is the strong rally in the global oil market. Brent crude, the international benchmark that heavily influences refined product pricing, has surged to $93.26 per barrel, representing a 9.19 percent increase in recent trading.
Analysts say the sharp rise in crude prices is pushing up refinery feedstock costs, freight charges and product replacement values globally. With Nigeria’s downstream sector now operating largely under a deregulated framework, such international price movements are increasingly translating into higher depot and pump prices across the country.