Dangote Petroleum Refinery has announced a new increase in the price of Premium Motor Spirit (PMS), attributing the adjustment to rising crude oil costs and heightened global geopolitical tensions.
In a notice issued to petroleum marketers late Friday, the refinery disclosed that its ex-depot (gantry) price will rise from N1,175 to N1,245 per litre.
The coastal price was also adjusted from N1,512,648 to N1,606,518 per metric tonne. The revised rates will take effect from midnight on March 21, 2026.
According to the refinery, the price change reflects current global market conditions, including volatility in crude oil prices and higher shipping costs, factors it says are beyond its control.
Marketers with existing supply agreements supported by valid bank guarantees will still be able to lift products at the previous rates, as long as their guarantees cover the price difference.
The refinery added that any outstanding balance will be debited to marketers’ trading accounts, with proof of payment required by March 23.
Industry analysts say the increase could lead to higher pump prices across the country, as marketers are expected to transfer the additional costs to consumers.
While the refinery is seen as a key stabilising force in Nigeria’s fuel supply, pricing remains vulnerable to international market shifts.
The development comes amid ongoing tensions in major oil-producing regions, particularly the Middle East, which have pushed up crude oil prices and freight costs.
The adjustment is likely to impact transportation fares and the cost of goods for households and businesses