Dangote Petroleum Refinery has announced a fresh increase in the price of Premium Motor Spirit (petrol), raising concerns over the rising cost of fuel in Nigeria.
In a notice issued to marketers on Friday night, the refinery said its ex-depot (gantry) price had been increased from ₦1,175 per litre to ₦1,245 per litre, representing a ₦70 hike.
“Please be informed that due to the current global geo-political situation which has further escalated, the PMS gantry and coastal price has been reviewed and updated,” the notice stated.
The refinery also adjusted its coastal price from ₦1,512,648 per metric tonne to ₦1,606,518 per metric tonne.
According to the company, the new pricing regime took effect from midnight on March 21, 2026, and applies to all pending and future product loadings.
“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,” it added.
The refinery attributed the increase to rising global tensions impacting crude oil prices and logistics costs, noting that the adjustment reflects prevailing market realities.
Despite the hike, the company said marketers with existing supply agreements backed by bank guarantees would still be able to lift products under prior approvals, provided they cover the price difference.
“For customers with a valid Bank Guarantee… loading will continue with existing approvals provided the credit balance covers the price change differential,” the notice explained.
It added that any cost variation would be recovered from marketers, with payment evidence required by March 23, 2026.
The latest increase comes amid growing global uncertainty, particularly in key oil-producing regions, which continues to drive up crude prices and, by extension, fuel costs.
