Dangote Refinery Hikes Ex-depot Rate To N1,245/litre

Dangote Petroleum Refinery has announced another upward revision to its gantry price for Premium Motor Spirit (PMS), raising the ex-depot rate from N1,175 to N1,245 per litre — an increase of N70 per litre.

The revised rate reportedly takes effect from 12:00 a.m. on March 21, 2026, and applies to all outstanding and unloaded volumes.

In a notice to customers, the refinery also announced an adjustment to its coastal supply rate, raising the coastal price from ₦1,512,648 to ₦1,606,518 per metric tonne.

The adjustment was attributed to persisting global geopolitical tensions. The refinery added that customers holding valid bank guarantees may continue loading under their current arrangements, provided they settle the price difference, with all differential payments to be completed by March 23, 2026.

The latest increase is part of a rapid succession of pricing adjustments by the Lekki-based facility this month. The refinery has revised its ex-depot prices multiple times since March 2, with each adjustment reflecting mounting pressure in Nigeria’s downstream petroleum market amid global oil price volatility.

Earlier, the refinery had attributed successive price increases to rising global crude oil costs, with Brent crude climbing from around $91 to nearly $100 per barrel, significantly raising the cost of refining petrol. (CrispNG) That pressure has since intensified, with global oil prices surging past the $100 per barrel mark as geopolitical tensions around Iran escalated, pushing Brent crude above $108 per barrel.

The refinery noted that while it receives around five crude cargoes monthly from the Nigerian National Petroleum Company (NNPC) priced in naira, this falls short of the 13 cargoes required to sustain domestic sales, meaning it must procure foreign exchange at open market rates to pay for additional crude purchases.

The pricing revisions at the Dangote refinery carry significant downstream implications.

Market participants say the refinery’s pricing decisions typically set the tone for depot prices across major fuel distribution hubs in Nigeria, meaning a fresh round of pump price adjustments at filling stations nationwide is widely anticipated in the coming days.