The price of Premium Motor Spirit (petrol) is set to rise nationwide to at least N1,332 per litre, following a new pricing template issued by MRS Oil Nigeria Plc to its dealers. The move signals a fresh benchmark for pump prices, directly responding to the latest increase in ex-depot prices by the Dangote Petroleum Refinery.
According to a notice to dealers, MRS Oil fixed its new pump price at N1,332 per litre, with company delivery at N1,290 and self-collection at N1,282. The minimum order for company-delivered fuel is 50,000 litres, with all loading to be conducted at the Dangote facility, highlighting the refinery’s expanding role in the national supply chain.
This adjustment follows the Dangote Refinery’s own fifth price revision in March. The refinery raised its gantry (ex-depot) price for petrol by N30 to N1,275 per litre, effective March 21, 2026, and instructed marketers to disregard all previous rates. Its coastal price also increased by 8.9 per cent, rising to N1,646,748 per metric tonne.
The refinery’s pricing has surged rapidly this month. Starting March at N774 per litre, the gantry price climbed to N874, then N1,050, N1,175, N1,245, and now N1,275—a cumulative increase of 64.7 per cent in under three weeks. Coastal prices have followed a similar upward trajectory.
Analysts note that the frequent adjustments underscore Nigeria’s continued exposure to global oil market volatility and supply chain disruptions, despite expectations that the Dangote refinery would stabilise domestic supply. The latest hikes are expected to translate immediately into higher pump prices at retail stations, with probable increases in transport and commodity costs.
The refinery stated the revisions reflect prevailing international market realities, driven by factors beyond its control. It also adjusted its diesel (Automotive Gas Oil) price to N1,750 per litre, a jump of N250 from the previous rate, highlighting broad-based energy cost pressures.
The development coincides with heightened regional interest in the refinery’s output. At least three African nations—South Africa, Ghana, and Kenya—have formally engaged the facility as supply disruptions from traditional Middle Eastern routes persist.
As marketers adopt the new rates, Nigerian consumers face an immediate impact on fuel costs. The sequence of price changes this month illustrates the intense volatility shaping the country’s downstream petroleum sector, with the Dangote refinery now acting as the primary price-setter in a market still vulnerable to external shocks.
