Nigeria may experience another surge in petrol pump prices after the Dangote Petroleum Refinery announced a fresh increase in the ex-depot price of Premium Motor Spirit (PMS), raising it from ₦1,175 to ₦1,245 per litre.
The refinery disclosed the adjustment in a notice issued to marketers on Friday, citing escalating global geopolitical tensions affecting crude oil supply and logistics.
According to the notice, the new pricing structure will take effect from midnight on March 21, 2026, with the gantry price rising by ₦70 per litre. The coastal price was also increased from ₦1,512,648 per metric tonne to ₦1,606,518 per metric tonne.
This latest adjustment represents the fourth petrol price increase within March, highlighting the volatility currently affecting Nigeria’s downstream petroleum sector. Earlier in the month, PMS prices reportedly moved from around ₦774 per litre to ₦875, later rising to ₦995, then ₦1,175, before the current ₦1,245 price.
The refinery explained that the new pricing regime would apply to all unloaded gantry and coastal volumes. However, marketers with existing supply agreements backed by valid bank guarantees may still lift products under previous approvals, provided their credit balance covers the price difference.
The company also stated that the cost difference resulting from the price adjustment would be debited from marketers’ trading accounts, with payment confirmation expected by March 23, 2026.
Industry observers say the development could trigger another rise in retail petrol prices nationwide as marketers pass the additional cost to consumers. The increase also underscores the continued influence of global oil market fluctuations on Nigeria’s domestic fuel pricing, despite the operations of the Dangote refinery, which was widely expected to stabilise supply and prices.
The refinery attributed the latest hike to prevailing international market realities, noting that geopolitical tensions in major oil-producing regions have significantly driven up crude oil prices and transportation costs globally
