Dangote Petrol Price Hits ₦1,275/Litre After Fifth Hike in March

Dangote Petrol Price Hits ₦1,275/Litre After Fifth Hike in March

Nigeria’s Dangote Petroleum Refinery has increased its petrol price (Premium Motor Spirit) to ₦1,275 per litre, marking the fifth price hike in March and underscoring growing instability in Nigeria’s deregulated fuel market.

The latest adjustment came barely hours after an earlier increase, reflecting a ₦100 rise (8.5%) from the previously reported ₦1,175 per litre, and a ₦30 jump from the ₦1,245 per litre announced late Friday. The rapid revisions highlight the intensity of fuel price volatility currently shaping the downstream sector.

In a notice to marketers and customers, the refinery stated that previous pricing templates are no longer valid, urging stakeholders to disregard earlier communications.

“Kindly note that the prices contained in our previous correspondence are no longer applicable,” the company said, confirming that the new petrol price regime took effect from 12:00 a.m., March 21, 2026.

The refinery also raised its coastal price from ₦1,512,648 to ₦1,646,748 per metric tonne, representing an increase of ₦134,100 (8.9%), further reflecting mounting cost pressures across supply channels.

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While the new pricing applies immediately, the company noted that customers with valid bank guarantees will continue to load products, provided they cover the price differential.

The frequent price changes are largely driven by rising global crude oil prices, foreign exchange constraints, and supply chain disruptions linked to geopolitical tensions. As a refinery operating within a deregulated system, Dangote sources crude at international rates, making its pricing highly responsive to global market movements.

Despite expectations that local refining would stabilise Nigeria’s fuel supply, the latest increases show that the domestic market remains strongly tied to international oil benchmarks.

Data from industry tracker Petroleumprice.ng indicates that petrol prices have climbed sharply in March, rising from below ₦900 per litre to over ₦1,200 within weeks, reflecting a sustained upward trend.

The continued surge in petrol prices in Nigeria is expected to have widespread economic implications, including higher transportation costs, increased food prices, and intensified inflationary pressure on households and businesses.

Analysts warn that unless global oil prices ease or exchange rate stability improves, further fuel price increases may occur, reinforcing concerns about the vulnerability of Nigeria’s deregulated fuel market to external shocks.

Dangote Petrol Price Hits ₦1,275/Litre After Fifth Hike in March