Dangote Refinery hikes fuel price to N1,245/litre

Dangote Petroleum Refinery raises petrol price from N1,175 to N1,245 per litre due to rising crude prices and shipping costs, effective March 21, 2026

Dangote Petroleum Refinery announced a revision in its petrol pricing, raising the ex-depot (gantry) price from N1,175 to N1,245 per litre.

Also read: Nigeria records $3.74bn Dangote crude imports shift

The coastal price for petrol also increased from N1,512,648 to N1,606,518 per metric tonne.

The refinery attributed the hike to fluctuations in global crude oil prices, which recently surged above $100 per barrel, and increased shipping costs, factors that remain beyond the company’s control.

The new pricing takes effect from midnight on Saturday, March 21, 2026. Marketers with existing supply agreements backed by valid bank guarantees will be allowed to lift products at previous rates, provided their guarantees cover the price difference.

The cost differential must be settled and evidenced in marketers’ trading accounts by March 23.

In a statement to journalists, Dangote Petroleum Refinery noted that despite the increase, Nigeria continues to maintain one of the lowest petrol prices globally, even as geopolitical tensions in the Middle East and global market pressures drive international crude prices higher.

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The adjustment reflects the broader pass-through effect of international oil market volatility on domestic fuel pricing in Nigeria’s deregulated downstream sector.

Quadri Olaitan