Petrol prices in Nigeria could rise to about N1,400 per litre this week as marketers await a possible repricing of Premium Motor Spirit (PMS) by the Dangote Refinery amid rising crude oil prices, supply constraints and logistics challenges.
Multiple industry sources said petrol loading had been halted at the refinery, raising expectations that a fresh ex-depot price adjustment could be announced as early as today.
The development follows a recent surge in international crude oil prices linked to escalating tensions in the Middle East, which have increased feedstock costs for refiners and tightened supply across global energy markets.
With pump prices already averaging N1,200 in some parts of the country, marketers said the price may hit N1,400 per litre as crude oil races towards $100 per barrel.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said none of its members was able to load petrol from the refinery on Sunday.
The National President of PETROAN, Dr Billy Gillis-Harry, confirmed the situation, saying marketers are waiting for clarity on the refinery’s next pricing decision.
Gillis-Harry said: “Today we didn’t load and we are not sure what will happen tomorrow. It is because of the possibilities around crude oil prices. The price of crude is not stable; it can go up or come down. Until the crisis in the Middle East de-escalates, it is difficult to predict what will happen.”
Sources at the Major Energy Marketers Association of Nigeria (MEMAN) also told The Guardian that loading activities had been suspended at the facility while industry players await a possible price revision.
Similarly, the Nigerian Association of Road Transport Owners (NARTO) confirmed that tanker drivers were not loading products from the refinery, noting that only a limited number of marketers, including MRS and NNPC Retail, were reportedly allowed to lift products.
An industry player, Jide Pratt, said the expected repricing may reflect prevailing international crude oil prices rather than the refinery’s previous ex-depot benchmarks.
He noted that the refinery has faced challenges sourcing sufficient crude locally, forcing it to rely on imported supplies.
“This shows the risk of having a single dominant supply source for the market,” he said.
However, the Dangote Group dismissed claims that loading had been halted.
The Group’s Chief Corporate Communications Officer, Anthony Chiejina, described the report as “nonsense”, insisting that product pricing would continue to reflect prevailing international market conditions.
