The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price by N101, raising the ex-depot rate from N774 to N875 per litre.

The new pricing, which took effect on Monday, is expected to spark fresh concerns over a possible rise in pump prices nationwide as marketers adjust to the revised benchmark.

A senior official of the refinery confirmed that the adjustment followed recent volatility in global crude oil prices. According to the official, changes in international crude fundamentals and rising replacement costs made the review necessary.

Industry sources indicated that the updated rate has already been reflected on downstream pricing platforms, signalling an immediate impact on product lifting and depot transactions.

The development comes shortly after the refinery suspended petrol loading operations effective midnight on March 2, 2026, amid a surge in global crude prices, which reportedly climbed above $80 per barrel.

Data from industry trackers showed that PMS loading halted at exactly midnight, with the issuance of Proforma Invoices temporarily paused. However, Automotive Gas Oil (diesel) loading operations were said to have continued without disruption.

The situation also prompted several private depot owners to suspend petrol sales during the trading day to avoid selling below replacement cost in a volatile market environment.

Energy analysts have warned that sustained geopolitical tensions  particularly in the Middle East  could drive crude oil prices even higher.

Should crude exceed the $90 per barrel mark, experts say Nigeria may witness further increases in petrol and diesel prices despite the country’s growing local refining capacity.

Stakeholders across the downstream sector are closely monitoring global oil market trends and domestic supply dynamics as the situation unfolds.

Senator Barinada Mpigi, who served as Chairman of the Senate Committee on Works, has died at the age of 64.

The late lawmaker represented Rivers South-East senatorial district in the National Assembly. Born on June 23, 1961, Mpigi had a longstanding political career that spanned both chambers of parliament.

He first served in the House of Representatives from 2011 to 2019 before being elected to the Senate in 2019 on the platform of the Peoples Democratic Party.

During the Ninth Assembly, Mpigi chaired a joint Senate committee that investigated crude oil theft in the Niger Delta, a role that placed him at the center of legislative efforts to address energy sector losses and security concerns in the region.

As of the time of filing this report, no official statement has been released confirming the cause or circumstances of his death.

President Bola Tinubu has signed an executive order (EO) mandating that all oil and gas revenues be remitted directly to the Federation Account, in a move aimed at curbing waste, eliminating duplicative structures, and protecting national resources.

The EO, grounded in Sections 5 and 44(3) of the Constitution, restores revenue entitlements of the federal, state, and local governments that were curtailed by the 2021 Petroleum Industry Act (PIA). Under the current PIA framework, NNPC Limited retains up to 30% of profit oil and profit gas as a management fee, 20% of profits for working capital, and another 30% for the Frontier Exploration Fund—arrangements the government says are excessive and divert critical revenues.

“The additional 30% management fee is unjustified, given existing profit retention already covers NNPC’s operational needs,” the statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, noted.

Key Measures

NNPC Limited will no longer collect the 30% Frontier Exploration Fund or the 30% management fee.

All operators under production sharing contracts must remit Royalty Oil, Tax Oil, Profit Oil, Profit Gas, and related dues directly to the Federation Account from February 13, 2026.

Payments of gas flaring penalties into the Midstream and Downstream Gas Infrastructure Fund (MDGIF) are suspended; proceeds will now go directly to the Federation Account.

NNPC Limited will transition strictly to a commercial operator role, reducing conflicts from its dual functions as regulator and operator.

Oversight and Implementation

President Tinubu established an Implementation Committee to ensure compliance, including the Ministers of Finance, Budget, and State Petroleum Resources, the Attorney-General of the Federation, the Chairman of the Nigerian Revenue Service, and other key officials. A joint project team will coordinate integrated petroleum operations between upstream and midstream activities.

The President emphasized that the reforms are vital for national budgeting, debt sustainability, economic stability, and improving Nigerians’ welfare. He also announced a comprehensive review of the PIA to address fiscal and structural anomalies.

“The Executive Order is a decisive step to eliminate leakages, enhance transparency, and ensure Nigeria’s oil and gas revenues directly benefit the people,” the statement concluded.