Title: Dangote Refinery Raises Petrol Price to N1,245/Litre Amid Global Tensions Date Published: 21 March 2026 Description: Nigerians and petroleum marketers are set for another round of fuel price increases following a fresh hike in the cost of Premium Motor Spirit (PMS) by the Dangote Petroleum Refinery.In a notice issued to marketers on Friday night, the refinery attributed the upward review to escalating global geopolitical tensions impacting crude oil prices and supply costs.According to the notice, the ex-depot (gantry) price of petrol has been increased from N1,175 per litre to N1,245 per litre, representing a N70 rise. The coastal price was also adjusted upward from N1,512,648 per metric tonne to N1,606,518 per metric tonne.“Please be informed that due to the current global geo-political situation which has further escalated, the PMS gantry and coastal price has been reviewed and updated,” the statement read.The new pricing structure takes effect from midnight on March 21, 2026, and applies to all pending and future product loadings.However, the refinery noted that marketers with existing supply arrangements backed by valid bank guarantees would continue to lift products under previously approved terms, provided their credit balances cover the price difference.It added that the cost differential resulting from the adjustment would be recovered from marketers, with payment evidence required by March 23, 2026.Industry observers say the latest increase is likely to trigger a rise in pump prices nationwide, as marketers pass on the additional cost to consumers.The development highlights the continued exposure of Nigeria’s downstream petroleum sector to global oil market volatility, despite expectations that increased local refining capacity would stabilise domestic fuel prices.The refinery maintained that the adjustment reflects prevailing market realities, noting that the decision was driven by external factors beyond its control, including rising crude oil prices and heightened tensions in key oil-producing regions. Attached Images: f254518a64e24951696fceefb077def0c33f64ae7ab51a803a75cbbaec7df9f0.jpg Attached Video: None