Fuel price hike: Dangote Refinery raises petrol to ₦1,275/litre for the fifth time in March amid rising crude oil costs and global market volatility
The Dangote Refinery has again increased the price of Premium Motor Spirit (petrol) to about ₦1,275 per litre, marking the fifth price hike in March 2026 amid ongoing volatility in global oil markets.
The latest adjustment follows a series of rapid price changes by the refinery within weeks, reflecting rising crude oil costs and instability in international energy markets. Earlier in the month, the refinery had briefly reduced its ex-depot price to around ₦1,075 per litre, only to reverse the move and raise it multiple times as global crude prices surged above $100 per barrel.
Industry sources say the continuous increase in petrol prices is directly linked to the rising cost of crude oil, which significantly affects refining expenses. The escalation has been partly driven by geopolitical tensions in the Middle East, particularly involving the United States, Iran, and Israel, raising fears of supply disruptions.
The frequent price adjustments have created uncertainty in Nigeria’s downstream petroleum sector, with many depot operators reportedly suspending sales temporarily to reassess pricing and avoid losses during the fluctuations.
Market analysts warn that the repeated hikes could push pump prices higher nationwide, worsening the cost of living for Nigerians as transportation and commodity prices are expected to rise in response.
The Dangote Refinery, Africa’s largest with a capacity of about 650,000 barrels per day, plays a central role in Nigeria’s fuel supply. However, its pricing continues to reflect global market realities following the removal of fuel subsidies and the shift to a deregulated petroleum sector.
