Dangote Refinery Increases Petrol Price to N1,245/Litre Amid Global Oil Pressure

Dangote Petroleum Refinery has raised the price of petrol, attributing the move to escalating Middle East tensions and rising crude oil and shipping costs.

According to a notice to marketers on Friday, the ex-depot price has been adjusted from N1,175 to N1,245 per litre, while the coastal rate increased from N1,512,648 to N1,606,518 per metric tonne. The new pricing takes effect from midnight, March 21, 2026.

The refinery said the increase reflects global market conditions, including volatility in crude prices and higher logistics costs.

It added that marketers with valid bank guarantees under existing supply agreements can still lift products at the old rate, as long as they cover the price difference, which will be debited to their accounts and must be settled by March 23.

Industry observers warn the adjustment could lead to higher pump prices across the country, as marketers transfer the added costs to consumers.

The price hike follows rising tensions in oil-producing regions, especially in the Middle East, which have driven up crude oil and freight costs, with potential ripple effects on transportation and consumer goods prices in Nigeria.

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