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Dangote Petrol Price Hits N1,175 as Crude Market Hits $100/Barrel

Published by Samuel Ayomide on March 13th, 2026.

The Dangote Petrochemical Refinery has raised the ex-depot price of Premium Motor Spirit (PMS) to N1,175 per litre, reversing an earlier N100 reduction announced earlier this week, as surging global crude oil prices push up refining costs.

A senior source at the refinery, speaking anonymously to PUNCH Online on Friday, confirmed that the upward revision followed the brief reduction of the ex-depot price to N1,075 per litre on March 10, 2026, which had triggered a spike in purchasing activity among depot operators.

“Yes, it is true,” the official said when asked to confirm the latest adjustment.

Petroleumprice.ng also corroborated the development, noting that the price revision disrupted trading activities across several depots. According to market sources cited by the platform, many depot operators temporarily suspended sales to reconcile existing stock with the new pricing structure.

“Depot owners across multiple hubs have paused transactions following the refinery’s upward review of the ex-depot price,” a source familiar with the market told the platform.

Loading operations at the refinery were also temporarily halted, a refinery insider explained, to allow for stock reconciliation and alignment with the revised pricing. The decision, the source added, was largely influenced by rising global crude oil costs.

“The price adjustment reflects the surge in global crude prices. Brent crude rose from about $91 per barrel to roughly $100 per barrel, and that increase feeds directly into refining costs,” the refinery source said.

According to PUNCH Online, global crude oil prices have spiked in recent hours amid escalating tensions in the Middle East, particularly involving the United States, Iran, and Israel. Analysts say the geopolitical crisis has intensified fears of supply disruptions around the Strait of Hormuz, a key chokepoint through which approximately 20 per cent of global oil shipments transit daily.

The turbulence has sent Brent crude above $100 per barrel, while Nigeria’s flagship Bonny Light crude also surpassed the psychological $100 mark amid market volatility. Observers note that the spike reflects a growing “war premium,” as traders factor in potential supply disruptions in the region.

Earlier in the week, Nigerian crude prices briefly surged to about $120 per barrel before settling back to around $100 as the market consolidated, according to industry sources.

This latest price adjustment by Dangote Refinery underscores the direct impact of global oil market dynamics on domestic fuel pricing, with implications for both depot operators and end-users across Nigeria.