…5th hike in March
Barely 12 hours after a fresh hike, the Ɗangote Petroleum Refinery has again increased petrol prices, signalling intensifying pressure in Nigeria’s downstream market as global crude costs continue to rise.
In a new notice to customers, the refinery raised its gantry price of Premium Motor Spirit (PMS) from ₦1,245 to ₦1,275 per litre, marking an additional N30 increase within the same day. The revised rate takes effect from 12:00 a.m. on March 21, 2026, replacing all previously communicated prices.
At the time of filing this report, Brent Crude stood at $112.2 per barrel, indicating a 3.26% increase in the last 12 hours.
The company stated that “the prices contained in our previous correspondence are no longer applicable and should be disregarded”, indicating a full reset of its pricing structure amid rapidly changing market conditions. The coastal supply price was also increased to ₦1,646,748 per metric tonne, with the new rates applying to all pending and unloaded volumes.
Ɗangote Refinery noted that customers with valid bank guarantees would continue to load under existing Authority to Collect (ATCs) and Proforma Invoice (PRN) arrangements, provided they settle the price differential.
The back-to-back adjustments highlighted the speed at which global crude oil price movements are being transmitted into Nigeria’s domestic fuel market.
Market analysts warned that the latest increase is likely to cascade through the supply chain, pushing pump prices higher nationwide and amplifying inflationary pressures driven by rising transportation and energy costs.
