Nigeria’s downstream petroleum market is bracing for renewed cost pressures following a fresh increase in petrol prices by Dangote Petroleum Refinery, triggered by worsening geopolitical instability in the Middle East.
In a notice issued to marketers late Friday, the refinery announced an upward review of its ex-depot price for Premium Motor Spirit (PMS), commonly known as petrol, from N1,175 per litre to N1,245 per litre. The adjustment represents a N70 increase per litre and takes effect from midnight on March 21, 2026.
The refinery also revised its coastal supply pricing, raising the cost from N1,512,648 per metric tonne to N1,606,518 per metric tonne. According to the communication, the new rates apply to all pending and future gantry and coastal product volumes.
The company attributed the price adjustment to the current global geopolitical situation,” a reference to intensifying tensions in the Middle East, an area critical to global crude oil supply. Analysts note that disruptions or perceived risks in the region often translate into higher crude benchmarks, which in turn impact refined product pricing worldwide.
Market participants say the move could ripple across Nigeria’s fuel distribution chain, potentially leading to higher pump prices in the coming days as marketers adjust to the revised ex-depot rates. This development comes at a time when consumers and businesses are already contending with elevated energy costs and broader inflationary pressures.
“Please be informed that due to the current global geo-political situation which has further escalated, the PMS gantry & coastal price has been reviewed and updated as outlined below.
“The refinery raised its coastal price from N1,512,648 per metric tonne to N1,606,518 per metric tonne, while the gantry price increased from N1,175 per litre to N1,245 per litre.
“Please note that the revised price will apply to all unloaded gantry and coastal volumes and is effective from 12:00 a.m. on the 21st of March 2026,” the company stated.
