Dangote Petroleum Refinery has implemented another increase in the ex-depot price of Premium Motor Spirit (PMS), pushing rates to N1,275 per litre—just hours after a previous adjustment.
The latest hike represents a N100 increase from the N1,175 per litre recorded earlier in March, alongside a N30 rise from the N1,245 per litre announced late Friday, underscoring the accelerating pace of price volatility in the deregulated market.
In a notice to marketers and customers, the refinery directed stakeholders to disregard its earlier pricing template, confirming that the revised rates take immediate effect.
“Dear Valued Customer, kindly note that the prices contained in our previous correspondence are no longer applicable and should be disregarded.
Please find below the current DPRP PMS gantry and coastal prices,” the notice stated.
Under the new structure, the gantry price rose from N1,175 to N1,275 per litre, while the coastal price increased from N1,512,648 to N1,646,748 per metric tonne—an N134,100 jump, representing an 8.9 per cent rise.
The refinery further clarified that the pricing adjustment applies to all pending transactions.
“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,” it added.
However, customers operating under existing credit arrangements will still be accommodated, subject to covering the price differential.
“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 company explained.
Five Price Hikes in Three Weeks
Data indicates that the refinery has reviewed petrol prices five times in March alone, reflecting a steep upward trend driven by global crude oil fluctuations and supply chain constraints.
From N774 per litre at the start of the month, the gantry price has surged to N1,275—an increase of N501, representing approximately 64.7 per cent within less than three weeks.
Coastal prices have also climbed steadily, rising from about N1.45 million per metric tonne earlier in March to the current N1.646 million, mirroring sustained pressure from international product pricing and freight costs.
Implications for Consumers
The rapid succession of price adjustments highlights ongoing vulnerability in Nigeria’s fuel market, despite expectations that the Dangote refinery would stabilise domestic supply.
Analysts warn that the latest increase could trigger a fresh round of pump price hikes nationwide, with likely ripple effects on transportation costs and the prices of goods and services.
The development reinforces concerns over the sensitivity of Nigeria’s deregulated petroleum sector to global market dynamics, even as local refining capacity expands.
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