![Hon. Festus Keyamo SAN arrives MMIA past 11:50 p.m. Feb 23 to lead oversight of Terminal 1 fire. Joined FAAN MD & team actively managing situation. Directed morning inspection Tuesday to guide restoration & confirm safety standards. Reaffirmed focus on passenger safety. Story: [link] #KeyamoMMIA #FireIncident #FAAN](https://fullcliphq.com/wp-content/uploads/2026/02/mym-150x150.jpg "MMIA Fire: Keyamo Inspects Lagos Airport After Terminal 1 Blaze Disrupts Flights")
The Dangote Petroleum Refinery has raised its gantry price for Premium Motor Spirit (petrol) to N874 per litre from N774, prompting expectations of retail pump prices climbing to between N980 and over N1,000 per litre across Nigeria, depending on location and logistics costs.
The adjustment, effective March 2, 2026, follows a temporary suspension of petrol loading operations at the refinery from midnight that day, attributed to sharp increases in global crude oil prices. A senior refinery official confirmed the review stemmed from volatility in international crude markets and higher replacement costs, stating the change became necessary to align with prevailing fundamentals.
In a notice sent to marketers, the refinery announced:
“Dear Valued Customer, we are pleased to inform you that PMS is currently available for purchase. Please be informed that the current price is N874 per litre.”
The revised rate has been reflected in downstream pricing benchmarks, as verified by petroleumprice.ng.
Meanwhile, petroleumprice.ng is reporting a suspension of diesel sales by the refinery with Lagos depots setting a ₦1,100/litre benchmark.
Market Impact and Global Drivers
National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, told reporters on March 2 that the hike would translate to pump prices ranging from N980 to over N1,000 per litre nationwide. He linked the increase primarily to the recent rally in global crude prices, which has pushed Brent crude for April delivery up 8.7% to $79.28 per barrel and West Texas Intermediate up 7.8% to $72.16 per barrel.
Several depot owners paused petrol sales to reassess replacement costs amid the crude surge. Industry sources indicated that no marketer wished to sell below replacement levels, with risk premiums already factored into market calculations.
The price movement coincides with heightened geopolitical tensions in the Middle East, particularly escalating conflict involving the United States, Israel, and Iran. Coordinated strikes targeting Iranian military infrastructure have raised concerns over potential disruptions to oil flows through the Strait of Hormuz.
The strait handles approximately 20 – 21 million barrels of crude and petroleum products daily – about 20% of global oil consumption. Shipping activity has declined by around 70% due to security risks, with major lines such as Hapag-Lloyd and CMA CGM suspending transits. War risk insurance premiums have risen by up to 50%, while an estimated 200 tankers have anchored or rerouted.
Domestic Outlook and Expansion
Informed observers warn that sustained hostilities could push Brent crude toward $90 per barrel or higher, with JPMorgan Chase projecting up to $120 per barrel in a prolonged scenario. Five energy experts cautioned that Nigeria could face further petrol and diesel price increases if crude exceeds $90, despite growing domestic refining capacity.
The Dangote Refinery, now producing around 650,000 barrels of refined products daily, employs approximately 30,000 workers – about 80% Nigerians – with plans to double output within three years through expansions.
