The Dangote Petroleum Refinery has announced a new increase in the price of Premium Motor Spirit (PMS), attributing the adjustment to rising global crude oil prices and escalating geopolitical tensions affecting the international energy market.
In a notice issued to petroleum marketers late Friday, the refinery disclosed that its ex-depot (gantry) price will increase from N1,175 to N1,245 per litre. Similarly, the coastal price has been raised from N1,512,648 to N1,606,518 per metric tonne. The revised pricing structure is scheduled to take effect from midnight on March 21, 2026.
According to the refinery, the adjustment reflects prevailing global market realities, including fluctuations in crude oil prices and increased shipping costs, factors it noted are beyond its direct control.
The company, however, clarified that marketers with existing supply agreements supported by valid bank guarantees will still be permitted to lift products at the previous rates. This is contingent on their guarantees covering the price difference. It added that any outstanding cost differentials will be debited to the marketers’ trading accounts, with proof of payment required on or before March 23.
Industry analysts have indicated that the upward review is likely to result in higher pump prices nationwide, as marketers may transfer the additional costs to consumers. While the refinery continues to play a key role in stabilising Nigeria’s fuel supply, pricing remains closely tied to developments in the global oil market.
The increase also comes against the backdrop of ongoing tensions in major oil-producing regions, particularly the Middle East, which have contributed to rising crude oil prices and freight costs. For many Nigerian households and businesses, the latest adjustment is expected to have a ripple effect on transportation fares and the cost of goods in the coming weeks.
Dangote Refinery Raises Petrol Price to N1,245 Per Litre Amid Global Cost Pressures
