Dangote refinery raises petrol price to N1,245/ltr

Dangote petroleum refinery has increased the ex-depot price of premium motor spirit (petrol) to N1,245 per litre, up from N1,175, citing rising global geopolitical tensions.

In a notice sent to marketers on Friday night, the refinery disclosed that its ex-depot (gantry) price had been raised from N1,175 per litre to N1,245 per litre, while the coastal price was also adjusted upward.

“Please be informed that due to the current global geo-political situation which has further escalated, the PMS gantry & coastal price has been reviewed and updated as outlined below,” the notice read.

The document showed that the gantry price increased by N70 per litre, while the coastal price rose from N1,512,648 per metric tonne to N1,606,518 per metric tonne.

The new pricing structure is set to take effect from midnight on March 21, 2026. “Please note that the revised price will apply to all unloaded gantry and coastal volumes and is effective from 12am on the 21st of March 2026,” the notice added.

The refinery said marketers with valid bank guarantees would still be allowed to lift products under existing approvals, provided they cover the price differential.

“Payment evidence for the price change differential will be required by Monday, 23-March-2026,” it noted.

The latest increase is expected to push pump prices higher nationwide, as marketers adjust to the new cost.

It also highlights the continued exposure of Nigeria’s fuel market to global oil price volatility and supply disruptions, despite expectations that domestic refining would stabilise prices.

The development comes amid heightened global uncertainty driven by ongoing tensions in key oil-producing regions, particularly in the Middle East, which has pushed up crude oil prices and freight costs.