DANGOTE-REFINERY
Susan Abayomi
Dangote Refinery has increased the price of petrol to ₦1,245 per litre, citing escalating global geopolitical tensions and rising crude oil costs as the driving factors. This is the fourth price hike in March 2026, with previous prices being ₦774, ₦875, ₦995, and ₦1,175 per litre.
The refinery’s ex-depot (gantry) price has risen from ₦1,175 to ₦1,245 per litre, while the coastal price increased from ₦1,512,648 to ₦1,606,518 per metric tonne. The new pricing is set to take effect from midnight on March 21, 2026.
Industry analysts expect the increase to trigger higher pump prices nationwide, as marketers are likely to pass on the additional cost to consumers. Despite the stabilising potential of the Dangote refinery for Nigeria’s fuel supply, the market remains highly sensitive to international price movements.
The price hike is attributed to global market realities, including fluctuations in crude oil prices and increased shipping costs, which are beyond the refinery’s control. The ongoing tensions in key oil-producing regions, particularly the Middle East, have driven up crude prices and freight costs.
Nigeria’s economy is vulnerable to international oil price movements, and the increase is likely to contribute to a short-term rise in consumer prices. Transport and logistics sectors, highly sensitive to fuel costs, are bracing for renewed pressure.
The Dangote Refinery has adjusted its petrol prices multiple times in recent weeks in response to volatile global energy markets, driven largely by the ongoing conflict in the Middle East involving the United States, Iran, and Israel.
Marketers with existing supply arrangements backed by valid bank guarantees will still be allowed to lift products at previous rates, provided their guarantees cover the price differential. The refinery stated that the corresponding cost difference will be debited to marketers’ trading accounts, with evidence of payment required by March 23.
The latest price 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.
