Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS) by N70 per litre, effective March 21, 2026. The new ex-depot price is now N1,245 per litre, up from N1,175, while the coastal or import parity price rises to N1,606,518 per metric tonne from N1,512,648.
In a notice to marketers, the refinery attributed the adjustment to escalating global crude oil prices, which have surpassed $100 per barrel following geopolitical tensions in the Middle East. It also cited increased shipping costs as a factor, describing the revision as a reflection of uncontrollable international market realities.
The company stated that marketers with existing supply agreements, backed by valid bank guarantees covering the price difference, may still lift products at the previous rates. For others, the cost differential will be debited from trading accounts, with proof of payment required by March 23.
This marks the fourth petrol price increase by the refinery in March. The recent rises trace a path from approximately N774 to N875, then N995 and N1,175, before the current N1,245 per litre.
Despite the hike, Dangote Refinery asserted that Nigeria maintains one of the world’s most affordable fuel markets. Citing data from GlobalPetrolPrices.com, it said Nigeria’s average pump price of about $0.88 (N1,191.39) per litre remains below the global average of $1.32 (N1,787.08). The company contrasted this with prices in the United States ($1.075), India ($1.095), South Africa ($1.189), and significantly higher rates in the UK, France, Germany, and Hong Kong. Within West Africa, Nigeria’s price is also lower than in Togo, Benin, Ghana, and Cameroon.
The refinery explained that few countries sell petrol below $1 per litre without government intervention, positioning its own role as a critical stabilizer. It noted that since the Middle East crisis escalated, Nigeria’s domestic petrol prices have risen by about 35 to 40 percent—a smaller increase than in markets like Cambodia (over 67%) and Vietnam (49%).
The statement emphasized that even after Nigeria’s 2023 fuel subsidy removal and transition to a deregulated market, Dangote Refinery has acted as an economic buffer, absorbing global cost pressures and ensuring supply continuity amid wider international disruptions. The latest price adjustment underscores the direct transmission of global oil market volatility to domestic fuel costs.
