Dangote Refinery has announced a fresh increase in the gantry price of Premium Motor Spirit (PMS), raising it from ₦1,175 to ₦1,245 per litre, a ₦70 hike effective from March 21, 2026.

The new rate applies to all outstanding and unloaded volumes, while the coastal supply price was also adjusted from ₦1,512,648 to ₦1,606,518 per metric tonne.

Customers with valid Bank Guarantees can continue loading under existing arrangements but must settle the price difference by March 23.

This marks the fourth price increase in March alone, with petrol prices rising progressively from ₦774 to ₦875, ₦995, ₦1,175, and now ₦1,245 per litre, largely attributed to escalating global geopolitical tensions.

The 650,000-barrel-per-day refinery—responsible for about 61% of Nigeria’s domestic petrol supply (39.6 million litres daily in February 2026)—linked the latest adjustment to instability in the Middle East, particularly tensions involving Iran, United States, and Israel.

These developments have driven Brent crude prices to $112 per barrel and West Texas Intermediate (WTI) to $98, pushing up domestic fuel costs.

As a result, retail pump prices in cities like Abuja are expected to rise by about ₦70, potentially reaching between ₦1,331 and ₦1,400 per litre, further increasing the financial burden on consumers and businesses.

Energy experts, including Professor Wumi Iledare, describe the increase as a direct outcome of global oil market dynamics rather than domestic policy failures, noting that even with local refining and crude-for-naira initiatives, fuel pricing remains tied to international benchmarks.

Both experts advised against blanket fuel subsidies, instead advocating targeted interventions, fiscal and monetary adjustments, and long-term structural reforms such as boosting local production, enhancing refining competition, and investing in alternative energy and mass transit systems to reduce dependence on volatile global oil markets.