Due to rising worldwide geopolitical tensions, the Dangote Petroleum Refinery has announced another increase in the price of Premium Motor Spirit (petrol).
In a note addressed to marketers last night and obtained by our correspondent, the refinery said that its ex-depot (gantry) price had gone up from N1,175 per liter to N1,245 per liter. The coastal price had also gone up.
This is the fourth time in March that Dangote Petroleum Refinery has raised the price of fuel. According to Saturday PUNCH, PMS prices went up from about N774 to N875, then to N995, N1,175, and now N1,245 per litre.
The message said, “Please be aware that the PMS gantry and coastal prices have been reviewed and updated as shown below because of the current global geopolitical situation, which has gotten worse.”
The document said that the price of the gantry went up by N70 per liter and the price of the coastal went up from N1,512,648 per metric ton to N1,606,518 per metric ton.
The refinery said that the higher prices will go into effect at midnight on Saturday (today).
The refinery’s price for coastal shipping went up from N1,512,648 per metric tonne to N1,606,518 per metric tonne. The price for gantry shipping went up from N1,175 per liter to N1,245 per liter.
It said, “Please note that the new price will apply to all unloaded gantry and coastal volumes and will be in effect starting at 12:00 a.m. on March 21, 2026.”
The refinery also made it clear that marketers with current supply agreements backed by bank guarantees would still be able to lift products under earlier permissions, but only if specific conditions were met.
The message went on to say, “For customers with a valid Bank Guarantee with DPRP, loading will continue with existing ATCs/PRN (if any), as long as the BG credit balance covers the price change differential.”
It went on to say that marketers would have to pay the difference in cost caused by the new prices.
“The debit note that goes with this will be sent to your trading account with DPRP.” The business noted, “Proof of payment for the price change differential will be needed by Monday, March 23, 2026.”
The most recent change is anticipated to have an effect on the downstream industry, and pump prices are likely to go up in the next few days as marketers pass on the higher cost to customers.
The increase shows that Nigeria’s fuel market is still vulnerable to changes in the price of crude oil on the world market and problems with the supply chain. This is despite the fact that the Dangote refinery is about to start up, which was supposed to stabilize domestic supply.
The news comes at a time when the world is more insecure than ever because of continuous tensions in important oil-producing areas, especially in the Middle East. These tensions have caused crude oil prices and shipping costs to rise.
The refinery, on the other hand, said that the change was essential to reflect the current state of the market and that the pricing review was caused by things outside of its control.
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