By Ayomide Otitoju
Dangote Petroleum Refinery has increased the ex-depot prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (diesel) following a sharp surge in global crude oil prices.
Brent crude rose from $105 per barrel on Monday to $118 on Wednesday and further climbed to about $125 per barrel at the time of filing this report, driven by tightening global supply conditions.
In response, the refinery raised its petrol gantry price from ₦1,200 to ₦1,275 per litre, while coastal supply prices increased to ₦1,215 per litre, according to market data from Petroleumprice.ng.
Diesel prices were also adjusted upward to ₦1,800 per litre from ₦1,750. The refinery reportedly suspended loading operations and Proforma Invoice (PFI) issuance around midnight on Wednesday, temporarily halting diesel allocations to marketers.
Market data showed that depots across Nigeria adjusted prices upwards during trading hours. In Lagos, Swift and Duport sold diesel at ₦1,980 per litre, while TMDK priced it at ₦1,950. In Calabar, Northwest depot sold at ₦1,985 per litre, Warri’s First Fortune at ₦1,950, and Matrix depot in Port Harcourt at ₦2,050 per litre.
The surge in crude prices is linked to renewed geopolitical tensions in the Middle East, particularly around the Strait of Hormuz, a critical corridor for global energy supplies. Restrictions on Iranian crude exports have further tightened supply expectations.
As of Thursday morning, Brent crude traded at $124.90 per barrel, up 5.82 per cent, while West Texas Intermediate (WTI) rose 2.18 per cent to $109.20 per barrel.
Industry operators say the combination of rising crude prices and the temporary suspension of loading activities is already feeding into Nigeria’s downstream market, with immediate pressure on petrol, diesel, and aviation fuel pricing.
Analysts warn that sustained crude price increases could trigger another round of depot price hikes, which may quickly reflect at filling stations, affecting transport fares, logistics costs, and inflation levels.
They advised consumers and businesses to prepare for continued volatility in fuel prices unless global supply conditions stabilize.
