Dangote Petroleum Refinery has announced a fresh increase in the ex-depot price of Premium Motor Spirit (PMS), attributing the adjustment to escalating global geopolitical tensions and higher crude oil and shipping costs.
In a notice sent to petroleum marketers late Friday, the refinery said its gantry (ex-depot) price will rise from ₦1,175 to ₦1,245 per litre, while its coastal price will increase from ₦1,512,648 to ₦1,606,518 per metric tonne. The revised prices take effect from 12:00am on Saturday, March 21, 2026, and will apply to all unloaded gantry and coastal volumes, the company said.
Dangote Refinery told marketers the change reflects “current global geo-political” developments that have “further escalated,” adding that price movements in crude and freight are outside the refinery’s control.
The company also outlined transitional arrangements for customers with existing supply approvals supported by valid bank guarantees. Marketers with active arrangements will be allowed to continue lifting at previously approved rates, provided their bank guarantee credit balance covers the price differential. The refinery said the difference would be recovered via a debit note to marketers’ trading accounts, with evidence of payment required by Monday, March 23.
Industry watchers expect the increase to feed into pump prices nationwide, as marketers adjust retail prices to reflect the higher depot cost. The latest move is also likely to renew debate over the extent to which local refining can shield Nigeria’s downstream market from global shocks, particularly when international crude prices and shipping routes come under pressure.
The adjustment is the latest in a series of March price changes tied to crude-market volatility, as energy markets remain sensitive to supply risks linked to the widening Middle East crisis.
