It’s Now N1,245 per Litre: Dangote Refinery Implements 4th Petrol Price Hike in 3 Weeks

For the fourth time in March, Dangote Refinery has hiked petrol prices, citing global instability as the primary driver.

According to a Friday night memo to marketers, gantry prices jumped from N1,175 to N1,245 per litre.

The rapid sequence of increases has seen fuel costs nearly double since the start of the month, rising from an initial N774 per litre.

“Please be informed that due to the current global geopolitical situation, which has further escalated, the PMS gantry and coastal prices have been reviewed and updated as outlined below,” the notice read.

The document showed that the gantry price increased by N70 per litre, while the coastal price rose from N1,512,648 per metric tonne to N1,606,518 per metric tonne.

According to the refinery, the new pricing regime will take effect from midnight on Saturday (today).

“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 12am on the 21st of March 2026,” it stated.

The refinery also clarified that marketers with existing supply arrangements backed by bank guarantees would still be allowed to lift products under previous approvals, subject to certain conditions.

“For customers with a valid Bank Guarantee with DPRP, loading will continue with existing ATCs/PRN (if any), provided the BG credit balance covers the price change differential,” the notice added.

It further explained that the cost difference arising from the new pricing would be recovered from marketers.

“The corresponding debit note will be passed in your trading account with DPRP. Payment evidence for the price change differential will be required by Monday, March 23, 2026,” the company said.

The latest adjustment is expected to ripple across the downstream sector, with pump prices likely to rise in the coming days as marketers pass on the increased cost to consumers.

The current pricing trend emphasizes the ongoing vulnerability of the Nigerian fuel sector to international crude fluctuations.

While the commencement of operations at the Dangote refinery was expected to harmonize domestic supply and pricing, the market remains heavily influenced by external geopolitical and supply chain factors.

The development comes amid heightened global uncertainty driven by ongoing tensions in key oil-producing regions, particularly in the Middle East, which has pushed up crude oil prices and freight costs.

The refinery, however, maintained that the adjustment was necessary to reflect prevailing market realities, stressing that the pricing review was driven by external factors beyond its control.