Nigeria’s Dangote Petroleum Refinery has raised its ex-depot price for Premium Motor Spirit (PMS) for the fifth time in March, amid sustained volatility in the country’s deregulated downstream sector.
In a notice to marketers and customers dated March 21, the refinery increased its gantry price to N1,275 per litre, up from N1,245 per litre announced less than 24 hours earlier. This latest adjustment follows a series of hikes this month, including a jump from N1,175 to N1,245 per litre on Friday night. The new price takes effect immediately for all unloaded volumes.
The refinery also adjusted its coastal price, lifting it to N1,646,748 per metric tonne from N1,512,648—an increase of N134,100, or 8.9 per cent. In its communication, the company stated that all previous pricing templates are now void and should be disregarded.
The cumulative effect of the March adjustments is stark. The gantry price has surged from N774 per litre at the start of the month to N1,275—a 64.7 per cent increase within three weeks. Coastal prices have followed a similar upward trajectory, reflecting pressure from international product pricing and freight costs.
The refinery clarified that customers with valid bank guarantees may still load under existing arrangements, provided their credit cover accommodates the price differential. However, the rapid succession of price changes underscores intense market pressures.
This persistent volatility occurs despite expectations that the 650,000-barrel-per-day Dangote facility would stabilise Nigeria’s fuel supply. The development is likely to trigger further increases at petrol pumps nationwide, with consequential effects on transport fares and general commodity prices.
The refinery attributed the adjustments to prevailing global oil market dynamics and supply chain disruptions, particularly those linked to tensions in the Middle East. The company noted a significant surge in inquiries from several African nations, including South Africa, Ghana, and Kenya, as traditional supply routes face strain.
The constant price revisions highlight the deep linkage between Nigeria’s domestic fuel market and international crude oil fluctuations. With global uncertainty persisting, the downstream sector remains susceptible to rapid cost pass-throughs, challenging both consumers and businesses.
