March 21, 2026 — SUNTV Global Channel
The Dangote Refinery has once again increased the price of Premium Motor Spirit (PMS), raising the ex-depot rate to ₦1,275 per litre, marking the fifth price hike within March.
The latest adjustment represents a sharp jump from the earlier ₦1,175 per litre, and comes just hours after a previous increase to ₦1,245, highlighting ongoing instability in Nigeria’s downstream petroleum sector.
In an official notice to marketers and customers, the refinery announced that the new pricing takes immediate effect.
“The prices contained in our previous correspondence are no longer applicable… The revised price applies to all unloaded volumes effective from 12am, March 21, 2026,” the statement read.
The refinery also raised its coastal price from ₦1,512,648 to ₦1,646,748 per metric tonne, signaling a broader adjustment across its supply chain.
Despite the increase, the company noted that customers on existing credit arrangements will still be accommodated, provided they cover the price difference.
Industry data shows that petrol prices at the refinery have surged from about ₦774 per litre at the start of March to ₦1,275, representing an increase of over 60% in less than three weeks.
Energy experts attribute the repeated hikes to rising global crude oil prices, exchange rate pressures, and the realities of a fully deregulated market.
An industry analyst explained that:
“Prices now respond directly to global oil trends, forex rates, logistics, and supply-demand dynamics.”
Market observers warn that the latest increase at the depot level will inevitably push pump prices higher across filling stations nationwide.
With transportation and logistics costs expected to rise, Nigerians may soon face further increases in food prices and overall cost of living.
As of the time of this report, the Nigeria government has not issued an official response to the latest development.
SUNTV Global Channel will continue to monitor the situation as it unfolds.
