Dangote Petroleum Refinery has announced another increase in the price of Premium Motor Spirit (PMS), raising it from ₦1,175 to ₦1,245 per litre amid rising global crude oil prices triggered by the Middle East crisis.
In a notice issued to marketers on Friday, the refinery stated that its ex-depot (gantry) price would increase to ₦1,245 per litre, while the coastal price rose from ₦1,512,648 to ₦1,606,518 per metric tonne. The new pricing will take effect from midnight on Saturday, March 21, 2026.
The refinery explained that the adjustment reflects global market conditions, including surging crude oil prices—now above $100 per barrel—and increased shipping costs, factors it noted are beyond its control.
Marketers with existing supply agreements backed by valid bank guarantees will still be able to lift products at the previous rate, provided the guarantees cover the price difference. The refinery added that any cost variation will be debited to marketers’ trading accounts, with payment expected by March 23.
In a follow-up statement, the refinery emphasized that Nigeria continues to maintain relatively low petrol prices compared to global averages despite recent increases. It cited data showing that petrol prices in Nigeria remain significantly lower than in countries such as the United States, the United Kingdom, France, and Germany, as well as several West African nations.
The refinery attributed this relative affordability to its operations, noting that it has helped stabilize domestic fuel prices by absorbing part of the global cost pressures and ensuring consistent supply, especially amid disruptions caused by geopolitical tensions.
It further noted that only a few countries worldwide sell petrol below $1 per litre without some form of government intervention.
Despite Nigeria’s shift to a deregulated fuel market following subsidy removal in 2023, the refinery maintained that it continues to act as a buffer against extreme price volatility.
However, it acknowledged that domestic petrol prices have risen by about 35 to 40 percent since the onset of the crisis.
The latest adjustment marks the fourth price increase by the refinery in March, with PMS prices climbing steadily from about ₦774 earlier in the month to the current ₦1,245 per litre.
