Dangote Petroleum Refinery has announced a fresh increase in the price of Premium Motor Spirit, citing rising global geopolitical tensions and escalating crude oil costs as key drivers.
In a notice issued to petroleum marketers, the refinery confirmed that its ex depot price has been raised from N1,175 to N1,245 per litre, while the coastal price moved from N1,512,648 to N1,606,518 per metric tonne. The new pricing takes effect from 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 largely beyond its control. The development underscores how international dynamics continue to shape Nigeria domestic fuel market despite growing local refining capacity.
Marketers with existing supply agreements backed by valid bank guarantees will still be allowed to lift products at previous rates, provided the guarantees can cover the price difference. However, the refinery noted that any shortfall will be debited to marketers trading accounts, with proof of payment required by March 23.
Industry analysts warn that the increase is likely to translate into higher pump prices across the country, as marketers pass on the additional costs to consumers. This could further strain households and businesses already grappling with rising living expenses.
The price hike comes amid tensions in major oil producing regions, particularly in the Middle East, which have driven up global crude prices and freight costs. While the Dangote refinery is expected to enhance fuel supply ility in Nigeria, the sector remains highly sensitive to international market forces.
For many Nigerians, the latest increase signals potential rises in transportation costs and commodity prices in the weeks ahead.
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