Dangote Refinery Raises Petrol Price to N1,245 Per Litre

Dangote Refinery Raises Petrol Price to N1,245 Per Litre

Nigeria’s fuel market is set for another round of price adjustments following a fresh hike announced by the Dangote Petroleum Refinery, which has increased the ex-depot price of Premium Motor Spirit (PMS) to N1,245 per litre.

In a notice issued to marketers on Friday night, the refinery attributed the increase to rising global geopolitical tensions impacting crude oil prices and supply costs.

The new pricing represents a N70 jump from the previous gantry price of N1,175 per litre. The refinery also reviewed its coastal price upward, from N1,512,648 per metric tonne to N1,606,518 per metric tonne.

“Please be informed that due to the current global geo-political situation which has further escalated, the PMS gantry and coastal prices have been reviewed,” the company said in the notice.

According to the refinery, the revised prices took effect from midnight on March 21, 2026, and apply to all pending and new product loadings.

It, however, clarified that marketers with existing supply arrangements backed by bank guarantees would still be allowed to lift products under previous approvals, provided their credit balance can cover the price difference.

The company added that any shortfall resulting from the new pricing would be recovered through debit adjustments in marketers’ trading accounts, with payment evidence required within a specified timeline.

Industry players say the development is likely to trigger a corresponding increase in pump prices across the country, as marketers adjust to the higher landing cost.

The latest hike highlights the continued sensitivity of Nigeria’s downstream petroleum sector to fluctuations in the international oil market, despite expectations that the coming on stream of the Dangote refinery would help stabilise domestic fuel prices.

Analysts also point to rising tensions in key oil-producing regions, particularly in the Middle East, as a major driver of increased crude prices and freight costs.

The refinery, however, maintained that the adjustment reflects prevailing global realities, noting that the pricing decision was influenced by factors beyond its control.