The Dangote Petroleum Refinery has announced a fresh increase in the price of Premium Motor Spirit (PMS), raising its ex-depot price from N1,175 to N1,245 per litre, citing escalating global geopolitical tensions and rising crude oil costs.
In a notice sent to petroleum marketers late Friday, the refinery disclosed that its coastal price also rose from N1,512,648 to N1,606,518 per metric tonne. The new pricing will take effect from midnight on March 21, 2026.
According to the notice, the adjustment reflects prevailing global market conditions, including fluctuations in crude oil prices and increased shipping costs, which it said are beyond its control.
The refinery, however, noted that marketers with existing supply arrangements backed by valid bank guarantees would still be allowed to lift products at the previous rates, provided their guarantees cover the price difference. It added that the cost differential would be debited to marketers’ trading accounts, with proof of payment required by March 23.
Industry analysts say the increase is likely to push pump prices higher nationwide, as marketers may pass on the additional cost to consumers. Despite expectations that the refinery would help stabilise fuel supply in Nigeria, the market continues to respond to shifts in international oil prices.
