The Dangote Petroleum Refinery has adjusted its ex-depot price for Premium Motor Spirit (petrol) to N1,275 per litre, marking the fifth price review in March 2026.
The latest increase represents an 8.5% jump from the N1,175 rate seen earlier this month and comes only hours after a Friday night adjustment to N1,245. In a notice sent to marketers on Saturday morning, the refinery management urged stakeholders to disregard previous pricing templates, noting that the new regime takes effect immediately as of 12:00 am, March 21.
This frequent price movement underscores the intense volatility currently hitting Nigeria’s deregulated fuel market. Since the start of March, the gantry price has surged by approximately 64.7%, climbing from N774 per litre on March 2 to the current N1,275.
The refinery also adjusted its coastal price, raising it from N1,512,648 to N1,646,748 per metric tonne—an 8.9% increase. Despite the refinery’s domestic operations, management maintains that these adjustments are necessitated by international crude oil price fluctuations and global supply chain disruptions.
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While domestic prices rise, the 650,000-barrel-per-day facility is seeing a surge in international interest. Countries including South Africa, Ghana, and Kenya have reportedly initiated talks for fuel supply. This shift comes as traditional Middle Eastern supply routes face severe bottlenecks due to the ongoing Iran-related conflict.
For Nigerian consumers, the immediate concern remains the ripple effect on the local economy. Market analysts expect this latest hike to trigger a fresh wave of increases in transport fares and the cost of essential commodities across the federation