Dangote Petroleum Refinery has announced a fresh increase in the price of Premium Motor Spirit (PMS), citing escalating geopolitical tensions in the Middle East and rising crude oil costs.
In a notice sent to petroleum marketers late Friday, the refinery said its ex-depot (gantry) price would increase from N1,175 to N1,245 per litre, while the coastal price rose from N1,512,648 to N1,606,518 per metric tonne. The new pricing is scheduled to take effect from midnight on March 21, 2026.
The company explained that the price adjustment reflects global market realities, including fluctuations in crude oil prices and increased shipping costs, which it said are beyond the refinery’s control.
According to the notice, marketers with existing supply arrangements backed by valid bank guarantees will still be allowed to lift products at the previous rates, provided their guarantees cover the price difference.
The refinery added that the corresponding cost differential would be debited to marketers’ trading accounts, with evidence of payment required by March 23.
Industry analysts said the increase is likely to trigger higher pump prices nationwide, as marketers are expected to pass the additional cost on to consumers.
The development comes amid ongoing tensions in key oil-producing regions, particularly in the Middle East, which have pushed up crude oil prices and freight costs globally.
Despite expectations that the Dangote refinery would help stabilise Nigeria’s fuel supply and pricing, the domestic market remains highly sensitive to international oil price movements.
The latest price hike is expected to impact transportation costs, food prices and overall cost of living for households and businesses in the coming weeks.
