FUEL PRICE SHOCK: DANGOTE REFINERY HIKES PETROL RATE, SIGNALING POSSIBLE NATIONWIDE SURGE

DANGOTE REFINERY HIKES PETROL RATE, SIGNALING POSSIBLE NATIONWIDE SURGE


Nigeria’s downstream petroleum sector is bracing for another potential increase in pump prices following a fresh adjustment by the Dangote Petroleum Refinery, which has raised its ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol.

According to a notice issued to marketers on Friday, March 20, 2026, the refinery increased its gantry price from N1,175 per litre to N1,245 per litre, representing a N70 rise. The coastal price was also revised upward from N1,512,648 per metric tonne to N1,606,518 per metric tonne.

The company attributed the adjustment to escalating global geopolitical tensions, particularly in key oil-producing regions, which have impacted crude oil prices and logistics costs.

“Due to the current global geo-political situation which has further escalated, the PMS gantry and coastal prices have been reviewed,” the notice stated.

The revised pricing structure is scheduled to take effect from midnight on March 21, 2026, and will apply to all pending and future product loadings.

However, the refinery clarified that marketers with valid supply agreements backed by bank guarantees may still lift products under previously approved terms, provided their credit balances can absorb the price difference. It added that any shortfall arising from the adjustment would be recovered through debit notes issued to affected marketers, with payment required by March 23, 2026.

Industry observers note that the latest increase is likely to cascade through the supply chain, potentially resulting in higher retail pump prices across the country as marketers adjust to the new cost realities.

The development highlights the continued exposure of Nigeria’s fuel market to global oil price fluctuations and supply chain disruptions, despite expectations that local refining capacity would help stabilise domestic fuel pricing.

Rising tensions in the Middle East and other oil-producing regions have contributed to increased crude prices and freight costs in recent weeks, factors the refinery says are beyond its control.

The adjustment may place additional pressure on consumers already grappling with rising living costs, as fuel prices remain a key driver of transportation and commodity costs nationwide.

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