Barely hours after increasing its gantry price for the fourth time in the month of March, the Dangote Petroleum Refinery has again raised its ex-depot price of Premium Motor Spirit (petrol) to N1,275 per litre, signalling deepening volatility in Nigeria’s deregulated downstream sector.
The latest adjustment represents a N100 increase from the N1,175 per litre sold earlier in the month, translating to an 8.5 per cent rise, while it also reflects a N30 jump from the N1,245 per litre announced just hours earlier on Friday night.
It said the price list sent in its previous correspondence is no longer applicable.
The refinery also increased its coastal price from N1,512,648 per metric tonne to N1,646,748 per metric tonne, indicating a difference of N134,100, or an 8.9 per cent rise.
In a notice sent to marketers and customers obtained by our correspondent on Saturday morning, the refinery urged stakeholders to disregard earlier pricing templates.
The notice read, “Dear Valued Customer, kindly note that the prices contained in our previous correspondence are no longer applicable and should be disregarded.
“Please find below the current DPRP PMS gantry and coastal prices. The refinery increased its coastal price from N1,512,648 to N1,646,748 per metric tonne, while the gantry price rose from N1,175 to N1,275 per litre.”
The company stressed that the new price regime takes immediate effect.
“Please note that the revised price will apply to all unloaded gantry and coastal volumes and is effective from 12am on the 21st of March 2026,” it stated.
The refinery, however, clarified that customers operating under existing credit arrangements would still be accommodated, subject to covering the price difference.
“For customers with a valid Bank Guarantee with DPRP, loading will continue with existing ATCs/PRN (if any) provided the BG credit balance covers the price change differential,” the firm explained.
The rapid succession of price adjustments within a single day underscores the intensity of pricing pressures currently facing the market.
The hike underscores the continued vulnerability of Nigeria’s fuel market to international crude oil price volatility and supply chain disruptions, despite the coming on stream of the Dangote refinery, which was expected to stabilise domestic supply.
Findings by our correspondent using petroleumprice.ng showed that the Dangote refinery has adjusted petrol prices five times in March, reflecting a steep upward trajectory driven by global oil market dynamics.
At the beginning of March, the refinery raised its gantry price from N774 per litre on March 2 to N874, before subsequent increases to N1,050 N1,175, N1,245, and now N1,275 per litre, while the coastal price rose from N1,512,648 to N1,646,748 per metric tonne.
On March 2, the refinery raised its gantry price from N774 per litre to N874 per litre, marking a N100 increase, representing about 12.9 per cent. This was followed by another upward review to N1,050 per litre, indicating a further N176 rise from N874, or approximately 20.1 per cent.
Within days, the price climbed again to N1,175 per litre, reflecting an additional N125 increase from N1,050, or about 11.9 per cent. On Friday, March 20, the refinery announced a fresh hike to N1,245 per litre, a N70 increase, representing roughly 6.0 per cent.
Hours later, the latest adjustment pushed the ex-depot price to N1,275 per litre, adding another N30, or 2.4 per cent increase.
Cumulatively, the refinery’s gantry price has surged by N501 per litre from N774 at the start of the month to N1,275, representing a sharp increase of approximately 64.7 per cent within less than three weeks.
Similarly, coastal prices have followed an upward trend, rising from around N1.45m per metric tonne earlier in the month to N1.646m, reflecting sustained pressure on international product pricing and freight costs.
The new coastal price moved from N1,512,648 per metric tonne to N1,646,748 per metric tonne, reflecting an increase of N134,100, or about 8.9 per cent.
The latest increase is expected to trigger a fresh wave of pump price adjustments across the country, with transport fares and commodity prices likely to rise in response.
The development comes amid a demand surge several African governments have begun aggressive outreach to the 650,000-barrel-per-day facility.
At least three African countries, South Africa, Ghana, and Kenya, have formally reached out to the refinery, while several others are making enquiries, as disruptions linked to the Iran war continue to choke global fuel supply chains.
The refinery is seeing a significant surge in inquiries as traditional supply routes from the Middle East face unprecedented disruptions.
The refinery, however, maintained that the adjustment was necessary to reflect prevailing market realities, stressing that the pricing review was driven by external factors beyond its control.
