Dangote Raises Petrol Price to N1,245/Litre

The Dangote Petroleum Refinery has announced a fresh increase in petrol prices, raising Premium Motor Spirit (PMS) from ₦1,175 to ₦1,245 per litre, effective midnight, March 21, 2026.

The refinery explained that the revision reflects global market realities, including crude oil prices surging past $100 per barrel and higher shipping costs linked to the Middle East conflict.

Marketers with valid bank guarantees will still be allowed to lift products at previous rates, but the cost difference will be debited to their accounts, with payment evidence required by March 23.

Despite the hike, Dangote noted that Nigeria retains one of the lowest petrol prices globally. “Petrol in Nigeria currently averages $0.88 (₦1,191.39) per litre, significantly below the global average of $1.32 (₦1,787.08),” the refinery stated.

Comparisons show higher prices in the US ($1.075), India ($1.095), South Africa ($1.189), and much steeper rates in Europe, with the UK at $1.874 and Germany at $2.343 per litre. Within West Africa, Nigeria’s fuel remains cheaper than in Togo, Benin, Ghana, and Cameroon.

Analysts credit the refinery with moderating domestic volatility, even as global markets face supply disruptions. Still, this marks the fourth price hike in March, with PMS rising from ₦774 earlier in the month to the current ₦1,245.

The surge follows Brent crude climbing to $112 per barrel, its highest since mid-2022, while Nigeria struggles to meet its OPEC quota, producing only 1.31 million barrels per day in February.

Transport fares and commodity prices are expected to rise further, while several African countries, including South Africa, Ghana, and Kenya, have reached out to the refinery for supply amid global shortages.