KEY POINTS
- Dangote Refinery raised petrol price by ₦70 to ₦1,245 per litre, effective March 21, 2026.
- Coastal supply costs also increased, indicating broader pressure across the fuel distribution chain.
- The hike is driven by global tensions, especially the US-Iran war, with likely inflationary impacts on Nigeria’s economy.
Dangote Refinery has announced another upward review of its petrol pricing, raising the gantry price of Premium Motor Spirit (PMS) from ₦1,175 to ₦1,245 per litre, a ₦70 increase.
The new pricing took effect from midnight on March 21, 2026, and applies to all pending and yet-to-be-delivered orders.
Beyond gantry pricing, the Dangote refinery also revised its coastal supply rate, increasing the cost from ₦1,512,648 to ₦1,606,518 per metric tonne.
This adjustment signals a broader upward trend in fuel-related costs across supply channels, which may ultimately impact downstream pricing nationwide.
Global Geopolitics Driving Local Price Shifts
The Dangote refinery attributed the latest price hike to ongoing global geopolitical tensions, particularly the US-Iran war, which continue to disrupt crude oil markets and supply chains.
These external pressures have made it increasingly difficult to maintain stable fuel pricing locally.
Despite the increase, the refinery stated that customers with valid bank guarantees can continue lifting products under existing agreements.
However, they are required to pay the price differential, with all outstanding balances expected to be settled by March 23, 2026.
In a development that underscores the growing volatility in Nigeria’s downstream oil sector, Dangote Refinery has once again raised the price of Premium Motor Spirit (petrol), deepening concerns about rising energy costs and their ripple effects across the economy.
The refinery announced a ₦70 increase per litre, pushing the gantry price from ₦1,175 to ₦1,245.
The adjustment, which took effect from the early hours of March 21, 2026, applies to all outstanding transactions, meaning marketers and distributors must now purchase fuel at the revised rate even for previously agreed volumes that have not yet been loaded.
