The Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit to N1,245 per litre, citing escalating global geopolitical tensions and rising crude oil costs.
The new price represents a N70 increase from the previous N1,175 per litre and is expected to trigger a fresh rise in pump prices nationwide as marketers adjust to the higher cost.
In a notice issued to marketers on Friday, the refinery said the adjustment was driven by developments in the international oil market.
“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,” the notice read.
According to the document, the coastal price was also raised from N1,512,648 per metric tonne to N1,606,518 per metric tonne.
The refinery stated that the revised pricing would take effect from midnight on March 21, 2026, and would apply to all pending and new product loadings.
It, however, clarified that marketers with valid supply arrangements backed by bank guarantees would continue to lift products under existing approvals, provided their credit balances cover the price differential.
“The corresponding debit note will be passed in your trading account, while payment evidence for the price difference will be required by March 23, 2026,” the company added.
Industry operators said the increase would likely reverberate across the downstream sector, worsening pressure on consumers already grappling with high transportation and living costs.
The latest hike comes amid heightened uncertainty in global oil markets, particularly tensions in key producing regions, which have driven up crude prices and freight costs.
Despite expectations that the Dangote refinery would stabilise Nigeria’s fuel supply and pricing, analysts say the development highlights the continued exposure of the domestic market to international price fluctuations.
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