By Our Reporter
Dangote Petroleum Refinery has announced a fresh increase in the ex-depot price of Premium Motor Spirit (PMS), raising it from N1,175 to N1,245 per litre.
In a notice issued to marketers on Friday night, the refinery attributed the adjustment to escalating global geopolitical tensions impacting crude oil prices and supply chains.
“Please be informed that due to the current global geo-political situation which has further escalated, the PMS gantry and coastal price has been reviewed and updated,” the company said.
The new pricing regime, which takes effect from midnight on March 21, 2026, reflects a N70 increase in the gantry price. The coastal price was also revised upward from N1,512,648 per metric tonne to N1,606,518 per metric tonne.
The refinery stated that the revised rates would apply to all unloaded gantry and coastal volumes from the effective date.
However, it noted that marketers with existing supply arrangements backed by bank guarantees would continue to lift products under previous approvals, provided their credit balances cover the price differential.
“The corresponding debit note will be passed in your trading account, and payment evidence for the price change differential will be required by March 23, 2026,” the notice added.
Industry analysts say the latest hike is likely to trigger an increase in pump prices nationwide, as marketers adjust to the higher cost of supply.
The development highlights the continued exposure of Nigeria’s downstream petroleum sector to global crude oil price volatility, despite expectations that the refinery would help stabilise domestic fuel supply.
The price adjustment comes amid rising global uncertainty and tensions in key oil-producing regions, particularly in the Middle East, which have driven up crude prices and freight costs.
The refinery maintained that the increase was necessary to reflect prevailing market realities, stressing that the decision was influenced by factors beyond its control.
