Fresh pressure is building in Nigeria’s fuel market as Dangote Refinery moves to adjust petrol prices upward, a development that could quickly translate to higher pump prices nationwide amid rising global crude costs.
In a notice to customers, the refinery announced an increase in its gantry price of Premium Motor Spirit (PMS) from ₦1,175 to ₦1,245 per litre, representing a ₦70 hike. The new rate takes effect from 12:00 a.m. March 21, 2026, and applies to all pending and unloaded volumes.
The refinery also raised its coastal supply price from ₦1,512,648 to ₦1,606,518 per metric tonne, attributing the adjustment to the ongoing global geopolitical crisis. As at the time of writing 8:30 PM (WAT) Brent crude stood at $112.2 per barrel, up 3.26%, highlighting the growing cost pressure on refiners.
Dangote Refinery stated that customers with valid Bank Guarantees will continue loading under existing arrangements, provided they cover the price differential, with payment deadlines fixed for March 23.
The latest hike is expected to cascade into retail markets, potentially pushing pump prices higher and deepening inflationary concerns as transport and energy costs rise