Nigeria, March 3 -- A senior refinery official confirmed the revision, citing soaring global crude oil prices and rising replacement costs as the key drivers.

"Yes, the price has been reviewed. The new gantry price is now 874 per litre, up from 774. The revision became necessary due to changes in global crude fundamentals and replacement costs," the official said.

The adjustment follows a surge in international crude prices past $80 per barrel, prompting the refinery to temporarily suspend petrol loading operations from midnight on March 2, 2026. Diesel production and loading, however, continued uninterrupted, The News Chronicle gathered.

The new gantry price is already visible on local fuel pricing platforms, signaling potential downs...