Dangote Petroleum Refinery has announced another increase in the price of Premium Motor Spirit (PMS), raising its ex-depot rate to ₦1,245 per litre, as global oil markets react to escalating tensions in the Middle East.
The latest adjustment, disclosed in a notice to fuel marketers on Friday, represents an increase from the previous ₦1,175 per litre. The refinery also reviewed its coastal price, moving it from ₦1,512,648 to ₦1,606,518 per metric tonne. The new rates are scheduled to take effect from midnight on Saturday, March 21, 2026.
According to the refinery, the upward review reflects prevailing global conditions, particularly the surge in crude oil prices—now above $100 per barrel—and rising shipping costs triggered by the ongoing Iran-related crisis. It noted that these factors are largely beyond its control.
Despite the hike, marketers with existing supply agreements backed by valid bank guarantees will still be permitted to lift products at the old rate, provided the guarantees can cover the price gap. However, the refinery stated that any outstanding cost difference will be debited to marketers’ accounts, with proof of payment expected by March 23.
In a separate statement issued the same day, the refinery maintained that petrol prices in Nigeria remain relatively low when compared to global averages, even amid the current surge.
“According to GlobalPetrolPrices.com, petrol in Nigeria currently averages $0.88 (N1,191.39) per litre, significantly below the global average of $1.32 (N1,787.08) per litre, based on an exchange rate of N1,353.85 to the dollar. This places Nigeria among the more affordable fuel markets globally, even as international prices continue to rise.
“Across key markets, petrol prices are notably higher, with the United States at $1.075 (N1,455.39), India at $1.095 (N1,482.47), and South Africa at $1.189 (N1,609.73) per litre. Prices rise further in advanced economies, including the United Kingdom at $1.874 (N2,537.11), France at $2.152 (N2,913.49), and Germany at $2.343 (N3,172.07), while Hong Kong records as high as $3.967 (N5,370.72) per litre.
“Nigeria also compares favourably within the West African region, where petrol prices are higher in Togo at $1.192 (N1,613.79), Benin at $1.218 (N1,648.99), Ghana at $1.240 (N1,678.77), and Cameroon at $1.478 (N2,000.99) per litre.
“Analysts attribute this relative stability to the growing impact of Dangote Petroleum Refinery & Petrochemicals, which has helped moderate domestic price volatility by absorbing a significant portion of the global cost pressures while ensuring consistent product availability. This intervention has become particularly critical as many countries face supply disruptions, rationing, and sharp price spikes following the escalation of tensions in the Middle East.
“A key insight from the data is that very few countries globally sell petrol below $1 (N1,353.85) per litre without some form of state intervention”, the Refinery noted.
The company added that despite Nigeria’s shift to a deregulated fuel market after the removal of subsidies in 2023, it has continued to cushion the impact of global shocks.
“While domestic petrol prices have risen by about 35 to 40 per cent since the onset of the crisis, this increase remains lower than in several other markets, with countries such as Cambodia and Vietnam recording hikes of over 67% and 49% respectively”, the statement added.
The latest adjustment marks the fourth petrol price increase by the refinery in March, following earlier hikes from about ₦774 to ₦875, then ₦995, ₦1,175, and now ₦1,245 per litre—underscoring the sustained pressure on fuel prices amid global uncertainty.
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