Dangote Petroleum Refinery has announced another upward revision of its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS/petrol) to ₦1,175 per litre and Automotive Gas Oil (AGO/diesel) to ₦1,620 per litre.
This marks the fourth consecutive price adjustment in less than two weeks, according to industry tracker Petroleumprice.ng. The new pricing template was communicated to marketers on Monday, March 9, 2026.
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The increases come against the backdrop of global oil market volatility triggered by the ongoing U.S.-Israeli military campaign against Iran, now in its second week.
As of 1:00 p.m. WAT on Monday: Brent crude: $102.8 per barrel (+10.91%), WTI crude: $101.0 per barrel (+11.08%), Since the conflict escalated on February 28, 2026 Brent has risen more than 60%, WTI has climbed over 75%.
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The Halting of maritime traffic through the Strait of Hormuz (one-fifth of global crude and gas flows), Reported attacks on oilfields in southern Iraq and northern Kurdistan. Production cuts or shutdowns in UAE and Kuwait, QatarEnergy halting LNG and downstream products (urea, polymers, methanol, aluminum) after strikes on gas processing plants.
U.S. President Donald Trump, in weekend remarks, stated that only Iran’s “unconditional surrender” would end the war, describing the price spike as a “small price to pay” to eliminate Iran’s nuclear threat.
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The refinery, which produces approximately 650,000 barrels per day (with plans to double output in the next three years), has become the dominant domestic supplier following the removal of fuel subsidies. The rapid price reviews reflect the direct pass-through of international crude costs to pump prices.
Marketers and depot operators are expected to adjust retail prices upward in the coming days, potentially pushing petrol above ₦1,200–1,300/litre at filling stations and diesel well beyond ₦1,700/litre in some locations.
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Dangote Petroleum Refinery had not issued an official public statement on the latest revision as of the time of filing.
DDNewsOnline – Lagos
By Ogungbayi Beedee Adeyemi
Send tips to: adeyemi@ddnewsonline.com
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