The Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit, commonly known as petrol, to N1,275 per litre, marking the fifth price adjustment this month.
The new price represents an increase of N100 from the N1,175 per litre rate that was in place earlier in March. It also shows a jump of N30 from the N1,245 per litre announced just hours before on Friday night.
The refinery communicated the change to customers through a notice obtained by our correspondent on Saturday morning, instructing them to ignore earlier pricing information.
“Dear Valued Customer, kindly note that the prices contained in our previous correspondence are no longer applicable and should be disregarded,” the notice read.
The company stated that the revised pricing takes effect from 12am on March 21, 2026.
“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,” the notice added.
The coastal price also rose from N1,512,648 per metric tonne to N1,646,748 per metric tonne, showing an increase of N134,100.
For customers operating under existing credit arrangements, the refinery said loading would continue provided their bank guarantee covers 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.
Data from petroleumprice.ng shows the refinery has adjusted petrol prices five times since the beginning of March.
The price movement began on March 2 when the gantry price moved from N774 to N874 per litre. Subsequent increases pushed it to N1,050, then N1,175, then N1,245 on Friday, and now to N1,275.
The cumulative increase from the start of the month to the current price stands at N501 per litre, representing a rise of approximately 64.7 per cent within less than three weeks.
The coastal price has also climbed from around N1.45 million per metric tonne earlier in the month to its current level.
Industry observers expect the latest hike to trigger pump price adjustments across the country, with potential ripple effects on transport fares and commodity prices.
The price volatility comes as the refinery receives increased interest from several African countries. South Africa, Ghana, and Kenya have formally reached out to the facility, while other nations are making enquiries.
The disruptions linked to the Iran war have affected traditional fuel supply routes from the Middle East, driving more attention to the 650,000-barrel-per-day facility.
The refinery has stated that the pricing adjustments reflect market realities and factors beyond its control.
