Dangote Raises Petrol Price Again to N1,275 per Litre

Barely 12 hours after a previous adjustment, Dangote Petroleum Refinery has once again increased the price of petrol, signalling mounting pressure in Nigeria’s downstream sector as global crude prices continue to rise.

In a notice to customers, the refinery raised its gantry price for Premium Motor Spirit (PMS) from N1,245 to N1,275 per litre, marking a N30 increase on the same day.

The new rate takes effect from 12:00 a.m. on March 21, 2026, replacing all previously communicated prices.

At the time of filing, Brent Crude was trading at $112.2 per barrel, reflecting a 3.26 per cent increase in just 12 hours. The company stressed that “the prices contained in our previous correspondence are no longer applicable and should be disregarded,” highlighting the rapid market changes.

The refinery also increased the coastal supply price of PMS to N1,646,748 per metric tonne, with the new rates applying to all pending and unloaded volumes. Customers with valid bank guarantees may continue to load under existing Authority to Collect (ATCs) and Proforma Invoice (PRN) arrangements, provided they settle the price differential.

Market Impact and Inflation Concerns

The back-to-back adjustments demonstrate how quickly international crude price movements are transmitted into Nigeria’s domestic fuel market. Analysts warn that the increase is likely to cascade through the supply chain, pushing pump prices higher nationwide and intensifying inflationary pressures from rising transportation and energy costs.

The refinery’s recent hike comes amid reports that it received only five of the 13 crude cargoes needed from the Nigerian National Petroleum Corporation (NNPC), further tightening supply. Rising global demand and geopolitical tensions, including the war in Iran, have contributed to constrained fuel supply in Africa.

Consecutive price increases by local refiners highlight a broader trend: as international crude prices climb, domestic fuel prices are adjusted rapidly to maintain supply. Consumers are expected to feel the immediate impact, with higher pump prices likely across the country.

Market watchers stress that government intervention and regulatory oversight will be critical to manage inflationary effects while ensuring that fuel remains available nationwide.

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