The Dangote Refinery has increased its gantry price for premium motor spirit (petrol) to N1,245 per litre from N1,175, marking the fourth adjustment in March 2026 as global crude oil prices continue to rise amid escalating tensions involving Iran, the United States and Israel.
The 650,000-barrel-per-day refinery confirmed the adjustment in a circular to marketers on Friday, stating that the new price will take effect from Saturday, March 21, 2026.
According to the refinery, the latest increase was driven by rising global crude benchmarks, with Brent crude reaching about $112 per barrel and West Texas Intermediate nearing $98 per barrel.
Spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), Chinedu Ukadike, confirmed the development, noting that marketers relying on Dangote supply are expected to adjust retail pump prices accordingly.
Industry data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed the refinery supplied about 39.6 million litres per day—roughly 61 percent of Nigeria’s 64.9 million litres daily domestic petrol supply in February 2026, indicating the increase could significantly affect nationwide pump prices.
In Abuja, petrol prices are expected to rise by about N70 per litre, potentially moving to between N1,331 and N1,400 per litre from the previous range of N1,261 to N1,330.
Professor Emeritus of Petroleum Economics, Wumi Iledare, said the adjustment reflects global crude oil realities rather than domestic policy failure, noting that petrol pricing in a deregulated market remains strongly tied to international oil trends. He added that local refining reduces import risks but cannot shield the country from global price volatility.
Similarly, Professor of Accounting and Finance at Lead City University, Godwin Oyedokun, attributed the increase to geopolitical disruptions and exchange-rate pressures, warning that rising fuel costs would further raise household expenses and business operating costs across the economy.
Oyedokun advised the government to avoid blanket fuel subsidies and instead consider targeted relief for key sectors such as transportation and agriculture, alongside policies to stabilise the foreign exchange market and strengthen domestic refining competition.
Experts say the development underscores Nigeria’s growing exposure to global energy market shocks despite improved local refining capacity, reinforcing calls for long-term investment in alternative energy, mass transit systems and broader energy sector reforms.
