PETROL PRICE HIKE: DANGOTE REFINERY RAISES PMS TO ₦1,245 PER LITRE

Nigeria’s Dangote Refinery has announced a fresh increase in the price of Premium Motor Spirit (PMS), raising its gantry price from ₦1,175 to ₦1,245 per litre, marking a ₦70 increase.The new pricing structure is scheduled to take effect from 12:00 a.m. on March 21, 2026, and will apply to all outstanding product volumes that have not yet been loaded or delivered to customers.Breakdown of the New PricingOld gantry price: ₦1,175 per litreNew gantry price: ₦1,245 per litreIncrease: ₦70 per litreIn addition to the gantry adjustment, the refinery also revised its coastal supply price, increasing it from ₦1,512,648 to ₦1,606,518 per metric tonne. This affects bulk buyers and marine supply transactions.Reason for the Price AdjustmentAccording to the refinery, the upward review is linked to persistent global geopolitical tensions, which continue to disrupt crude oil supply chains and drive up international energy costs. These external pressures have significantly influenced production and operational expenses.Impact on Customers and MarketersThe new price will:Apply to all pending and undelivered ordersRequire customers with valid Bank Guarantees to continue lifting products under existing agreementsMandate payment of the price difference for previously negotiated volumesThe refinery has set March 23, 2026 as the deadline for all affected customers to settle outstanding differentials.Market ImplicationsThis latest increase is expected to:Trigger a possible rise in pump prices nationwideIncrease transportation and logistics costsAdd pressure to Nigeria’s already strained cost-of-living conditionsIndustry observers say the adjustment reflects the ongoing volatility in the global oil market and Nigeria’s growing dependence on market-driven pricing following subsidy removal policies.