Dangote Refinery Raises Petrol Price Amid Global Tensions

Dangote Refinery has officially announced an upward review of the price of premium motor spirit (petrol), raising it from ₦1,175 to ₦1,245 per liter. This increase, effective from March 21, 2026, represents a 70 kobo rise per liter.

The refinery also adjusted its coastal supply price to ₦1,512,648 to ₦1,606,518 per metric ton. The company stated that this price review was necessitated by ongoing global geopolitical tensions that are impacting the energy market.

Furthermore, Dangote Refinery indicated that customs and valid bank guarantees continue to facilitate the lifting of products under existing arrangements, which provide price differentiation for outstanding payments. The latest price adjustment reflects the continued volatility in the global oil market, which directly impacts domestic fuel prices in Nigeria.

The expected settlement date for outstanding payments is March 23, 2026.