Stephen Ukandu, Umuahia
Nigeria’s fuel market is set for another adjustment as the Dangote Petroleum Refinery has announced a new increase in the price of Premium Motor Spirit (PMS), citing the impact of escalating tensions in the Middle East and rising global crude oil prices.
In a notice issued to petroleum marketers late Friday, the refinery disclosed that its ex-depot (gantry) price will rise from N1,175 to N1,245 per litre.
The coastal price was also adjusted upward, moving from N1,512,648 to N1,606,518 per metric tonne. The revised rates take effect from midnight, March 21, 2026.
According to the refinery, the adjustment reflects prevailing realities in the international oil market, particularly fluctuations in crude prices and increased shipping costs, factors it said are beyond its control.
However, marketers with existing supply arrangements backed by valid bank guarantees may still lift products at the previous rate, provided their guarantees can accommodate the price difference.
The company noted that any outstanding balance will be debited to the marketers’ trading accounts, with proof of payment required by March 23.
Industry observers say the development could translate to higher pump prices across the country, as marketers are expected to pass the additional cost on to consumers.
Although the Dangote refinery has been seen as a major stabilising force for Nigeria’s fuel supply, local prices remain closely tied to movements in the global oil market.
The latest increase comes amid heightened geopolitical tensions in key oil-producing regions of the Middle East, which have continued to push up crude prices and freight costs.
For many Nigerian households and businesses, the adjustment is likely to be reflected in transportation fares and the cost of goods in the coming weeks.
