Nigerians may be bracing for another round of petrol price increases after Dangote Refinery announced a fresh hike in its Premium Motor Spirit (PMS) ex-depot price. The giant refinery raised its petrol price to N1,350 per litre from N1,275 just a few days earlier, sending fresh shockwaves across Nigeria’s downstream petroleum sector.
Marketers React as Depot Prices Climb
Data from PetroleumPriceNG shows that the average depot price of petrol currently stands at about N1,285 per litre, slightly below Dangote Refinery’s new ex-gantry rate. However, analysts say this gap may not last for long, as marketers are expected to align their rates with the refinery’s new benchmark. According to them, operators are strongly hedging against market volatility and the persistent uncertainty caused by fluctuations in global crude oil prices.
Findings show that several depot owners have already reviewed their rates. Current PMS depot prices include:
- Dangote Refinery – N1,350 per litre
- Bovas Group – N1,285 per litre
- Pinnacle Oil and Gas – N1,300 per litre
- NIPCO Plc Lagos – N1,285 per litre
The sharp adjustments reflect increasing pressure in the downstream market as operators try to protect themselves from sudden pricing shocks.
Crude Oil Prices Drop Despite Local Price Surge
Interestingly, the latest petrol hike comes despite a slight decline in global crude oil prices. As of May 6, 2026, oil prices fell for a second consecutive session after the United States suspended its navy from escorting commercial vessels through the Strait of Hormuz. The move raised hopes of a possible de-escalation in tensions across the critical oil transit corridor. Former U.S. President Donald Trump announced that the operation, known as “Project Freedom,” would be temporarily paused to create room for possible diplomatic negotiations.
Following the development, Brent crude dropped to around $106.50 per barrel, while West Texas Intermediate (WTI) slipped below the $100 mark to about $98.55 per barrel. Market sentiment shifted as traders anticipated that easing tensions in the region could reduce supply disruptions and calm global oil prices. Earlier in the week, U.S. naval forces had begun escorting merchant vessels through the strait, with the United States Central Command confirming the movement of warships in the region.
What This Means for Nigerians
Despite the drop in crude prices, local petrol prices remain under strong pressure due to supply costs, exchange rate concerns, and market uncertainty. Experts warn that if depot prices continue to rise, filling stations nationwide may have no choice but to increase pump prices again. For millions of Nigerians already battling inflation and rising transport costs, another petrol price hike could deepen financial pressure and trigger wider economic effects across sectors.
Legit.ng earlier reported that oil marketers have adjusted depot prices of Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (AGO), commonly called diesel, following a fresh price hike by the Dangote Refinery. Between April 27 and April 30, 2026, depot data showed a widespread upward movement in prices. Dangote refinery raised its ex-depot petrol price by N75 to N1,275 per litre from N1,200, while coastal prices increased to about N1,215 per litre.
