Dangote Refinery Raises Petrol Price To N1,245/Litre

Nigerians and petroleum marketers are bracing for another round of fuel price increases after the Dangote Petroleum Refinery announced a fresh hike in the price of Premium Motor Spirit (PMS), citing escalating global geopolitical tensions.

In a notice sent to marketers on Friday night, the refinery disclosed that its ex-depot (gantry) price had been raised from N1,175 per litre to N1,245 per litre, while the coastal price was also adjusted upward.

“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 as outlined below,” the notice read.

According to the document, the gantry price increased by N70 per litre, while the coastal price rose from N1,512,648 per metric tonne to N1,606,518 per metric tonne.

The new pricing regime is expected to take effect from midnight on March 21, 2026.

“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 refinery stated.

The company clarified that marketers with existing supply arrangements backed by bank guarantees would still be allowed to lift products under previous approvals, subject to certain 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 added.

It further explained that the cost difference arising from the new pricing would be recovered from marketers, with payment evidence required by Monday, March 23, 2026.

“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, 23 March 2026,” the company said.

The latest adjustment is expected to ripple across the downstream sector, with pump prices likely to rise in the coming days as marketers pass on the increased cost to consumers.