Dangote Petroleum Refinery has again raised the ex-depot price of Premium Motor Spirit (petrol) to N1,245 per litre, intensifying pressure on Nigeria’s downstream market amid worsening global oil dynamics.
In a notice to marketers on Friday, March 20, the refinery attributed the latest adjustment to escalating geopolitical tensions affecting crude supply chains and international pricing benchmarks. The new gantry price reflects a N70 increase from the previous N1,175 per litre, while the coastal price was also revised upward to N1,606,518 per metric tonne.
“Please be informed that due to the current global geopolitical situation, which has further escalated, the PMS gantry and coastal prices have been reviewed and updated as outlined below,” the notice read.
The ICIR reports that the latest adjustment, effective from midnight on Saturday, marks the fourth upward review by the refinery in March alone, highlighting the speed at which global shocks are transmitting into domestic fuel costs.
PMS prices have risen rapidly from about N774 earlier in the month to N875, N995, N1,175, and now N1,245 per litre.
“The refinery raised its coastal price from N1,512,648 per metric tonne to N1,606,518 per metric tonne, while the gantry price increased from N1,175 per litre to N1,245 per litre. Please note that the revised price will apply to all unloaded gantry and coastal volumes and is effective from 12 am on the 21st of March 2026,” it stated.
The refinery added that marketers with existing supply agreements secured by bank guarantees would continue to lift products under previously approved terms, subject to specified conditions.
“For customers with a valid Bank Guarantee with DPRP, loading will continue with existing ATCs/PRN (if any), provided the BG credit balance covers the price change differential. The corresponding debit note will be passed in your trading account with DPRP. Payment evidence for the price change differential will be required by Monday, March 23, 2026,” the notice added.
The refinery insisted the adjustment was necessary to align with current market conditions, emphasising that external factors outside its control drove the pricing review.
The ICIR reports that the latest increase is likely to ripple through the retail market, with pump prices expected to rise as marketers pass on higher landing costs to consumers.
Analysts said the move reinforces Nigeria’s continued exposure to external fuel price shocks, despite expectations that the refinery would help stabilise supply and moderate volatility.
Amid tensions in major oil-producing regions in the Middle East, which are driving up crude and freight costs, the refinery maintained that the price review reflects prevailing global realities beyond its control.
Nanji is an investigative journalist with the ICIR. She has years of experience in reporting and broadcasting human angle stories, gender inequalities, minority stories, and human rights issues. She has documented sexual war crimes in armed conflict, sex for grades in Nigerian Universities, harmful traditional practices and human trafficking.