The Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (petrol) to N1,245 per litre, marking its fourth price adjustment in March.

The refinery said the latest increase was influenced by rising global geopolitical tensions, which have continued to push up crude oil prices and logistics costs. The new rate represents a N70 jump from the previous price of N1,175 per litre.

Within the same period, petrol prices from the facility have climbed steadily, moving from about N774 per litre earlier in the month to N875, then N995, N1,175, and now N1,245.

In addition to the gantry price hike, the refinery also reviewed its coastal price upward, reflecting increased supply and shipping costs.

The new pricing took effect from March 21, 2026, and applies to fresh product loadings. However, marketers with existing supply arrangements backed by bank guarantees may still lift products under earlier approved terms, provided they settle any price differences.

The latest adjustment is expected to lead to higher pump prices across the country as fuel marketers pass on the increased cost to consumers.

Despite the start of local refining, Nigeria’s fuel pricing remains sensitive to global oil market fluctuations. Ongoing tensions in key oil-producing regions, especially in the Middle East, have continued to impact crude supply and pricing worldwide.

The refinery noted that the price review reflects current market realities and external pressures beyond its control.