Dangote Petroleum Refinery has increased the price of petrol again, moving it from ₦1,175 to ₦1,245 per litre.
The company says this change is due to rising crude oil prices, which have climbed above $100 per barrel following tensions in the Middle East.
In a notice sent to fuel marketers on Friday, the refinery said its ex-depot (gantry) price would increase to ₦1,245 per litre.
Dangote Refinery also hiked its coastal price from ₦1,512,648 to ₦1,606,518 per metric tonne.
According to the refinery, the new prices reflect changes in the global market, such as higher crude oil costs and increased shipping expenses, which are factors it cannot control.
The updated pricing will begin at midnight on Saturday, March 21, 2026.
However, marketers who already have supply agreements supported by valid bank guarantees can still buy at the old price, as long as their guarantees cover the difference.
The refinery added that any price gap will be charged to their trading accounts, and proof of payment must be provided by March 23.
Dangote noted that petrol in Nigeria is still among the cheapest in the world, even with recent increases caused by global tensions.
“According to GlobalPetrolPrices.com, petrol in Nigeria currently averages $0.88 (N1,191.39) per litre, significantly below the global average of $1.32 (N1,787.08) per litre, based on an exchange rate of N1,353.85 to the dollar.
“This places Nigeria among the more affordable fuel markets globally, even as international prices continue to rise.
“Across key markets, petrol prices are notably higher, with the United States at $1.075 (N1,455.39), India at $1.095 (N1,482.47), and South Africa at $1.189 (N1,609.73) per litre.
“Prices rise further in advanced economies, including the United Kingdom at $1.874 (N2,537.11), France at $2.152 (N2,913.49), and Germany at $2.343 (N3,172.07), while Hong Kong records as high as $3.967 (N5,370.72) per litre.
“Nigeria also compares favourably within the West African region, where petrol prices are higher in Togo at $1.192 (N1,613.79), Benin at $1.218 (N1,648.99), Ghana at $1.240 (N1,678.77), and Cameroon at $1.478 (N2,000.99) per litre.
“Analysts attribute this relative stability to the growing impact of Dangote Petroleum Refinery & Petrochemicals, which has helped moderate domestic price volatility by absorbing a significant portion of the global cost pressures while ensuring consistent product availability.
“This intervention has become particularly critical as many countries face supply disruptions, rationing, and sharp price spikes following the escalation of tensions in the Middle East.
“A key insight from the data is that very few countries globally sell petrol below $1 (N1,353.85) per litre without some form of state intervention”, the Refinery noted, explaining the reason for its recent increase.
Even though Nigeria removed fuel subsidies in 2023 and now operates a deregulated market, the refinery said it continues to help cushion the effects of rising global costs.
“While domestic petrol prices have risen by about 35 to 40 per cent since the onset of the crisis, this increase remains lower than in several other markets, with countries such as Cambodia and Vietnam recording hikes of over 67% and 49% respectively”, the statement added.
This latest increase is the fourth time petrol prices have gone up in March, rising from about ₦774 earlier in the month to ₦875, then ₦995, ₦1,175, and now ₦1,245 per litre.
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