Dangote Refinery has again raised its ex-depot price of fuel as crude oil surges above $110 per barrel in the international market.
The continuous increase in prices signals more pressure in Nigeria’s fuel market.
The 650,000 barrels per day refinery announced an increase in its ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from ₦1,245 to ₦1,275 per litre. This takes effect on Saturday, March 21, 2026, according to a notice sent to customers. This comes barely hours after the refinery increased the gantry price from ₦1,175 to ₦1,245 per litre on Friday, March 20.
The ₦100 increase within 24 hours adds another layer of cost of petrol as retail outlets would consequently adjust their pump prices to reflect the market realities.
The refinery also increased the coastal supply price from ₦1,512,648 to ₦1,646,748 per metric tonne.
Also, the refinery increased its gantry price of Automotive Gas Oil (AGO), also known as diesel, from ₦1,500 to ₦1,750 per litre, reflecting a ₦250 hike. This comes one week after the refinery increased the price by ₦70 from ₦1,430 per litre.
According to a report by Petroleumprice.ng, the price adjustment took immediate effect.
The rapid succession of increases comes as global crude oil prices surged within the week, with Brent crude hitting $112 per barrel, according to an update on Oilprice.com on Saturday.
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The refinery’s pricing has seen a cumulative increase of approximately 65 per cent since the start of the month. On March 2, the refinery raised its price from ₦774 to ₦875. Subsequently, it was increased to ₦995 and ₦1,075 per litre. After reducing the gantry price to ₦1,075 per litre on March 10, following a brief drop in crude oil price, the refinery increased it to ₦1,175 per litre three days later as oil prices rose.
Escalating tensions in the Middle East, specifically involving the U.S., Israel, and Iran, have disrupted global supply routes, raising crude prices to a four-year high. This has pushed Nigerian crude grades like Bonny Light above the $110 per barrel mark.
The new ₦1,275 benchmark is expected to push retail pump prices toward ₦1,350 – ₦1,400 per litre across Nigeria. This shift is already triggering a fresh wave of inflationary pressure on transportation fares and the cost of essential commodities.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in Mass Communication. He can be reached via @VICTOREZEJA on X
