Dangote Refinery Raises Petrol Price for Fourth Time

On March 21, 2026, Dangote Refinery announced an increase in the price of premium motor spirit (petrol) from N1,175 to N1,245 per liter, marking the fourth price hike in March 2026. The company cited rising global crude oil prices, influenced by geopolitical tensions in the Middle East, as the reason for this increase.

Brent crude oil prices have climbed to $112 per barrel, while West Texas Intermediate rose to approximately $98 per barrel. Chinedu Ukadik, a spokesperson for the Independent Petroleum Market Association of Nigeria, confirmed the development, indicating that petrol prices at the refinery have risen four times this month, from N774 to N875, then to N995, and now to N1,175 and N1,245 per liter.

This increase is expected to push pump prices nationwide, with projections suggesting a rise of N70 per liter, leading to prices ranging from N1,261 to N1,400 in major cities like Abuja. Wumi Iledar, a petroleum economist, described the price hike as a reflection of global oil market realities rather than domestic policy failures.