Dangote Petroleum Refinery has announced another increase in the price of Premium Motor Spirit (PMS), raising it from N1,175 to N1,245 per litre, amid rising global crude oil prices triggered by the ongoing Middle East crisis.
In a notice issued to marketers on Friday, the refinery stated that its ex-depot (gantry) price would increase accordingly, while the coastal price rose from N1,512,648 to N1,606,518 per metric tonne.
According to the notice, the adjustment reflects prevailing global market conditions, including surging crude oil prices and higher shipping costs, factors beyond the refinery’s control.
The new pricing regime will take effect from midnight on Saturday, March 21, 2026.
However, marketers with existing supply agreements supported by valid bank guarantees will still be able to lift products at the previous rates, provided their guarantees cover the price differential. The refinery added that any outstanding cost differences would be debited to marketers’ trading accounts, with proof of payment required by March 23.
In a separate statement issued the same day, the refinery noted that Nigeria continues to maintain one of the lowest petrol prices globally, despite recent increases driven by geopolitical tensions.
Citing data from GlobalPetrolPrices.com, it said petrol in Nigeria currently averages $0.88 (N1,191.39) per litre, well below the global average of $1.32 (N1,787.08), based on an exchange rate of N1,353.85 to the dollar.
It further highlighted that prices are higher in several major markets, including the United States ($1.075), India ($1.095), and South Africa ($1.189) per litre. In advanced economies such as the United Kingdom, France, and Germany, prices are significantly higher, while Hong Kong records as much as $3.967 per litre.
Within West Africa, Nigeria also compares favourably, with petrol prices higher in Togo, Benin, Ghana, and Cameroon.
The refinery attributed this relative price stability to the growing impact of Dangote Petroleum Refinery & Petrochemicals, which it said has helped cushion domestic price volatility by absorbing part of the global cost pressures while ensuring steady supply.
It added that this role has become increasingly critical as many countries grapple with supply disruptions, rationing, and sharp price spikes following escalating tensions in the Middle East.
The refinery also noted that only a few countries globally sell petrol below $1 per litre without some form of government intervention.
Despite Nigeria’s transition to a fully deregulated market after the removal of fuel subsidies in 2023, Dangote Refinery maintained that it has continued to serve as a stabilising force in the economy.
“While domestic petrol prices have risen by about 35 to 40 per cent since the onset of the crisis, the increase remains lower than in several other markets,” the statement said, noting that countries such as Cambodia and Vietnam have recorded sharper hikes of over 67% and 49%, respectively.
This latest adjustment marks the fourth fuel price increase by the refinery in March. PMS prices have climbed steadily from around N774 earlier in the month to N875, then N995, N1,175, and now N1,245 per litre.
