M/East war: Dangote announces petrol price hike to N1,245/litre

Dangote Petroleum Refinery has announced a fresh increase in the price of Premium Motor Spirit (PMS), citing escalating global geopolitical tensions and rising crude oil costs as the driving factors.

In a notice sent to petroleum marketers late Friday, the refinery revealed that its ex-depot (gantry) price would rise from N1,175 to N1,245 per litre, while the coastal price increased from N1,512,648 to N1,606,518 per metric tonne. The new pricing is set to take effect from midnight on March 21, 2026.

The notice explained that the revision reflects global market realities, including fluctuations in crude oil prices and increased shipping costs, which are beyond the refinery’s control.

Marketers with existing supply arrangements backed by valid bank guarantees will still be allowed to lift products at previous rates, provided their guarantees cover the price differential. The refinery stated that the corresponding cost difference will be debited to marketers’ trading accounts, with evidence of payment required by March 23.

Industry analysts expect the increase to trigger higher pump prices nationwide, as marketers are likely to pass on the additional cost to consumers. Despite the stabilising potential of the Dangote refinery for Nigeria’s fuel supply, the market remains highly sensitive to international price movements.

The hike comes amid ongoing tensions in key oil-producing regions, particularly the Middle East, which have driven up crude prices and freight costs. For Nigerian households and businesses, the adjustment is expected to affect transportation and goods pricing in the coming weeks.

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