The Dangote Petrochemical Refinery has again increased the gantry price of Premium Motor Spirit (PMS), also known as petrol, by 9.3 per cent to N1,175 per litre, up from N1,075 per litre.
The 650,000 barrels-per-day refinery disclosed this in a notice to oil marketers, citing the rise in crude oil prices as a major factor behind the adjustment.
It stated: “Please be informed that due to the current global geopolitical situation, which has further escalated, the PMS gantry and coastal prices have been reviewed and updated.
“Please note that this new gantry and coastal price will be applied to all unloaded PMS allocations effective from 1 p.m. today, March 13, 2026.”
OPEC basket price rises to $120 per barrel
Checks by Vanguard indicated that the price of Brent crude rose to $103 per barrel yesterday, from about $100 per barrel, while the Organisation of the Petroleum Exporting Countries (OPEC) reference basket climbed to $120 per barrel, up from about $115 per barrel.
Further checks showed that the crude oil market has experienced high volatility as traders reacted to continued geopolitical tensions and threats to global oil shipping routes.
The checks also indicated that Saudi Arabia has reduced oil output by about 20 per cent due to difficulties associated with shipping crude to the global market through the Persian Gulf amid the ongoing conflict.
The country’s output dropped by about two million barrels per day to approximately eight million bpd after the kingdom shut down production from the massive Safaniya and Zuluf offshore oilfields, according to Reuters.
The checks further showed that the operations of the Dangote Petroleum Refinery remain highly influenced by developments in the global market, especially as it pays the full market value for crude oil in naira while importing additional crude in dollars.
Depot owners plan to adjust prices
Meanwhile, checks by Vanguard indicated that depot owners have concluded plans to adjust prices following the increase in Dangote Refinery’s gantry price.
A depot owner, who pleaded anonymity, said: “I can confirm that operators in the value chain, especially depot owners, will soon adjust depot prices.
“As of Thursday, this week, the prices at Integrated, Lister, Matrix, NIPCO, Pinnacle, Rainoil and Sahara stood at N1,100, N1,090, N1,100, N1,095, N1,097, N1,105 and N1,100 per litre, respectively, while Danmarna, Matrix, NEPAL, Parker and Zamson sold at N1,120, N1,122, N1,120, N1,120 and N1,120 per litre, respectively.
“But with the upward adjustment of Dangote Refinery’s gantry price, the new depot prices would likely exceed N1,200 per litre in the coming days.
“Also, we should expect the pump price of petrol, currently hovering around N1,150 and above per litre, to rise further to not less than N1,300 per litre.”
Experts react
Reacting to the development, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said the constant price fluctuations are destabilising the downstream market.
According to him, “The price fluctuation is quite destabilizing to wholesale and retail pricing mechanisms. It creates room for abnormal profiteering and unwarranted losses. Even though oil prices determine fuel prices, there should be some form of regulation to moderate price movements.”
Also speaking in an interview with Vanguard, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, said there would not be stability till the end of the ongoing war.
He said: “Nigerians should not expect stability in the domestic petroleum market until the US–Iran war comes to an end.”