The Dangote Petroleum Refinery has increased the price of petrol to ₦1,245 per litre. This new rate started at midnight on Saturday, March 21, 2026.
The refinery sent a notice to oil marketers on Friday night to announce the change. Before this update, the ex-depot price was ₦1,175 per litre. Therefore, the cost of petrol at the refinery has gone up by ₦70.
The company also adjusted its coastal supply price. It rose from ₦1,512,648 to ₦1,606,518 per metric tonne.
According to a report by The Guardian Nigeria, many depot owners stopped selling fuel briefly to review their own prices.
Furthermore, the refinery said the increase was necessary because of world events.
“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,” the notice stated.
Global Market Realities Impact Prices
The refinery explained that it cannot control these external factors. Currently, global crude oil prices have climbed above $100 per barrel due to tensions in the Middle East.
Consequently, the cost of refining and shipping fuel has become more expensive.
However, the refinery will allow some marketers to load fuel at old rates. This applies only to those who have valid bank guarantees that cover the price difference.
These marketers must provide evidence of their payments by Monday, March 23, 2026.
The company alleged that it still buys crude oil at international market prices. Because of this, it must adjust its own selling price to stay in business.
“Selling below cost would undermine its ability to procure crude and guarantee uninterrupted supply to Nigerians,” a statement from the refinery noted.
Meanwhile, retail stations in cities like Abuja and Lagos have already started adjusting their pumps. Some stations now sell petrol for as much as ₦1,330 per litre.
Many believe that prices will continue to fluctuate as long as global oil markets remain unstable.
The refinery also added that it is working to lower costs in other ways. For example, it is using more trucks powered by gas to help with distribution.
Still, the current ₦1,245 price is the highest the refinery has recorded since it started operations.
Rate, Like 👍, Comment 💬, Share this article, Follow us on our social media handles, and Submit your own story to get featured and earn rewards!
WhatsApp Channel
Telegram Channel
