Dangote Raises Fuel Price to N1,245 Amid Global Tensions

On March 21, 2026, Dangote Petroleum Refinery announced a new price for premium motor spirit (petrol), increasing it to N1,245 per liter from N1,175 per liter. This marks the fourth price hike in March 2026, following earlier increases to N774, N875, and N995 per liter.

The refinery cited escalating global geopolitical tensions as the reason for this adjustment. The new ex-depot price will be effective from midnight on March 21, 2026.

The coastal price was also raised to N1,512,648 per metric ton and N1,606,518 per metric ton. The refinery clarified that these price changes reflect current market realities and are driven by external factors beyond its control.

The adjustments are expected to ripple across the downstream sector, leading to potential increases in pump prices for consumers. Despite these challenges, the refinery aims to stabilize domestic supply amid ongoing uncertainties in the global oil market.