Dangote Petroleum Refinery has announced a fresh increase in the price of Premium Motor Spirit (PMS), attributing the adjustment to rising global crude oil prices and heightened geopolitical tensions.
In a notice issued to petroleum marketers late Friday, the refinery disclosed that its ex-depot (gantry) price has been raised from N1,175 to N1,245 per litre. Similarly, the coastal price climbed from N1,512,648 to N1,606,518 per metric tonne. The revised rates take effect from midnight, March 21, 2026.
According to the refinery, the price review reflects prevailing global market conditions, including fluctuations in crude oil prices and increased shipping costs, factors it says are beyond its control.
The company, however, noted that marketers with existing supply agreements supported by valid bank guarantees will still be able to lift products at the previous rates, provided the guarantees cover the price difference. It added that the outstanding balance will be charged to marketers’ trading accounts, with proof of payment required by March 23.
Industry experts warn that the development is likely to push up pump prices across the country, as marketers may transfer the additional costs to consumers. While the refinery continues to play a key role in boosting Nigeria’s fuel supply, the domestic market remains vulnerable to global oil price volatility.
The latest hike comes amid sustained tensions in major oil-producing regions, particularly in the Middle East, which have driven up crude prices and freight costs. Analysts say the increase could further strain household budgets and raise the cost of transportation and goods nationwide in the coming weeks.
READ ALSO:
- Abuja Building Collapse: Police Launch Probe, Rescue Operation Ongoing
- Osun PDP Candidate Denies Filing Petition Against Adeleke
- Italian Ex-Priest Marries Kenyan Woman in Traditional Ceremony
- El-Rufai Demands N10bn Compensation, Apology From Defence Minister
- NAFDAC Clarifies Oversight of Unbranded Palm Oil, Fufu
