Nigerians are set to face another increase in the price of premium motor spirit (petrol) following a fresh hike announced by the Dangote Refinery, marking the fourth adjustment in March 2026.
The refinery, which has a production capacity of 650,000 barrels per day, disclosed in a notice to fuel marketers that it has raised its ex-depot price to ₦1,245 per litre, up from the previous ₦1,175.
The new price is scheduled to take effect from Saturday, March 21, 2026. The company attributed the increase to rising global crude oil prices triggered by escalating geopolitical tensions in the Middle East involving Iran, United States, and Israel.
As of Saturday morning, Brent crude was reportedly trading at $112 per barrel, while West Texas Intermediate (WTI) stood at $98 per barrel.
The 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 latest development to DAILY POST.
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) indicates that the Dangote Refinery currently supplies about 61 percent of Nigeria’s daily petrol demand, estimated at 39.6 million litres. This suggests that the price adjustment will have widespread impact across the country.
Within March alone, the refinery has increased its petrol price four times: from ₦774 to ₦875, then to ₦995, followed by ₦1,175, and now ₦1,245 per litre.
The latest hike is expected to force filling stations and marketers dependent on Dangote supply to adjust their pump prices accordingly.
Industry projections indicate that retail prices could rise by about ₦70 per litre, pushing pump prices to between ₦1,331 and ₦1,400 in Abuja, compared to the ₦1,130 to ₦1,261 range recorded on Friday.
Economic experts, including Wumi Iledare and Godwin Oyedokun, attributed the persistent increases to global economic disruptions stemming from the ongoing conflict involving Iran, the United States, and Israel.
