Dangote Petroleum Refinery has once again raised the price of Premium Motor Spirit (PMS), citing escalating global geopolitical tensions as the reason for the latest adjustment.
In a notice sent to marketers on Friday night and obtained by reporters, the refinery revealed that its ex-depot (gantry) price had been raised from N1,175 per litre to N1,245 per litre, with a corresponding upward adjustment in the coastal price.
This marks the fourth fuel price increase by Dangote Petroleum Refinery in March alone. Earlier this month, PMS prices moved from around N774 to N875, then to N995, N1,175, and now N1,245 per litre.
“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 stated.
The document detailed that the gantry price rose by N70 per litre, while the coastal price increased from N1,512,648 per metric tonne to N1,606,518 per metric tonne.
According to the refinery, the new pricing framework takes effect from midnight on Saturday, March 21, 2026.
“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 12am on the 21st of March 2026,” the notice added.
Dangote Clarifies Price Hike Impact on Marketers
The refinery further clarified that marketers with existing supply arrangements supported by bank guarantees could continue lifting products under previous approvals, subject to specific 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 notice read.
It also explained that the cost difference resulting from the new prices would be recovered from marketers.
“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 document stated.
Industry observers expect the latest adjustment to ripple through the downstream sector, with pump prices likely to rise in the coming days as marketers pass on the increased cost to consumers.
The repeated hikes highlight Nigeria’s continued vulnerability to fluctuations in global crude oil prices and supply chain disruptions, despite the Dangote refinery being operational and expected to stabilise domestic supply.
The refinery cited heightened global uncertainty, particularly tensions in key oil-producing regions such as the Middle East, as a key factor pushing up crude oil prices and freight costs.
The company, however, emphasized that the adjustment was necessary to reflect prevailing market realities and noted that the pricing review was driven by external factors beyond its control.
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