File photo: Dangote Refinery
Petroleum marketers are planning for another round of price increases after the Dangote Petroleum Refinery announced a fresh hike in the price of Premium Motor Spirit (petrol), citing escalating global geopolitical tensions.
In a notice sent to marketers on Friday night and obtained by our correspondent, the refinery disclosed that its ex-depot (gantry) price had been raised from N1,175 per litre to N1,245 per litre, while the coastal price was also adjusted upward.
“Please be informed that due to the current global geo-political situation which has further escalated, the PMS gantry & coastal price has been reviewed and updated as outlined below,” the notice read.
The document showed that the gantry price increased by N70 per litre, while the coastal price rose from N1,512,648 per metric tonne to N1,606,518 per metric tonne.
According to the refinery, the new pricing regime will take effect from midnight on March 21, 2026.
“The refinery raised its coastal price from N1,512,648 per metric tonne to N1,606,518 per metric tonne, while the gantry price increased from N1,175 per litre to N1,245 per litre.
“Please note that the revised price will apply to all unloaded gantry and coastal volumes and is effective from 12am on the 21st of March 2026,” it stated.
The refinery also clarified that marketers with existing supply arrangements backed by bank guarantees would still be allowed to lift products under previous approvals, subject to certain conditions.
“For customers with a valid Bank Guarantee with DPRP, loading will continue with existing ATCs/PRN (if any) provided the BG credit balance covers the price change differential,” the notice added.
It further explained that the cost difference arising from the new pricing would be recovered from marketers.
“The corresponding debit note will be passed in your trading account with DPRP. Payment evidence for the price change differential will be required by Monday, 23-March-2026,” the company said.
The latest adjustment is expected to ripple across the downstream sector, with pump prices likely to rise in the coming days as marketers pass on the increased cost to consumers.
The hike underscores the continued vulnerability of Nigeria’s fuel market to international crude oil price volatility and supply chain disruptions, despite the coming on stream of the Dangote refinery, which was expected to stabilise domestic supply.
The development comes amid heightened global uncertainty driven by ongoing tensions in key oil-producing regions, particularly in the Middle East, which has pushed up crude oil prices and freight costs.
The refinery, however, maintained that the adjustment was necessary to reflect prevailing market realities, stressing that the pricing review was driven by external factors beyond its control.
