Nigerians and petroleum marketers are preparing for another possible increase in fuel prices after the Dangote Petroleum Refinery announced a new hike in the price of Premium Motor Spirit, also known as petrol, blaming rising global geopolitical tensions.
In a notice sent to marketers on Friday night and obtained by our correspondent, the refinery stated 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 increased.
“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 indicated that the gantry price went up 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 revised pricing structure 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 explained that marketers with existing supply agreements supported by bank guarantees would still be able to lift products under earlier approvals, subject to specific 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 stated that the difference resulting from the new pricing would be charged to 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 price review is expected to affect the downstream sector, with pump prices likely to go up in the coming days as marketers transfer the higher costs to consumers.
The increase highlights the continued exposure of Nigeria’s fuel market to fluctuations in international crude oil prices and supply chain challenges, despite the launch of the Dangote refinery, which many expected would help stabilise local supply.
The development comes amid growing global uncertainty caused by tensions in major oil-producing regions, especially in the Middle East, which has driven up crude oil prices and freight costs.
The refinery, however, insisted that the adjustment was necessary to reflect current market conditions, stressing that the pricing review was influenced by external factors outside its control.