Dangote Refinery Hikes Petrol Price Again, Retail Pumps Surge Above N1,000

|By Babatunji Wusu

Dangote Refinery has escalated its Premium Motor Spirit (PMS) gantry price to N995 per liter, up from N874 at the weekend, driving fuel retail pumps nationwide above the N1,000 mark.

Checks by DAILY POST on Sunday revealed that the 650,000-barrel-per-day refinery added N121 per liter to its gantry price, marking the second increase in four days. This follows an earlier N100 per liter hike, which the $20 billion refinery attributed to crude oil price volatility stemming from the ongoing Middle East conflict.

The latest adjustment makes imported fuel N185.17 cheaper per liter, according to March 2, 2026, industrial price data from the Major Energies Marketers Association.

Dangote’s move prompted other major suppliers, including MRS and the Nigerian National Petroleum Company Limited (NNPC), to raise pump prices in Abuja to between N967 and N1,010 per liter as of Saturday.

The surge aligns with crude oil prices, which climbed 9 percent to $90.90–$93 per barrel Sunday morning, according to oilprice.com. Analysts warn that, with rising tensions among Iran, the United States, and Israel, domestic petrol prices may continue to skyrocket.

In a Thursday statement, Dangote Refinery ruled out fuel price stability but assured Nigerians of steady petrol supply despite the hikes.