The Dangote Petroleum Refinery has again revised upward the ex-depot price of Premium Motor Spirit, raising it to N1,275 per litre in its fifth price increase for March.
The latest review, announced hours after a previous adjustment on Friday night, represents a N30 increase from the N1,245 per litre earlier quoted, and a N100 rise compared to the N1,175 per litre sold earlier in the month.
In a notice sent to marketers and industry stakeholders on Saturday, the refinery directed that its earlier pricing communication should be ignored, as it no longer reflects current market realities.
The company disclosed that its gantry price climbed from N1,175 to N1,275 per litre, while the coastal price was adjusted from N1,512,648 to N1,646,748 per metric tonne, indicating an increase of N134,100.
It stated that the revised rates took effect from 12:00am on March 21, 2026, and would apply to all outstanding and new product loadings.
The firm added that customers with existing credit facilities would still be accommodated, provided their bank guarantees are sufficient to absorb the difference arising from the new pricing.
Findings show that the refinery has consistently adjusted its petrol prices upward since the start of the month.
The ex-depot price moved from N774 per litre on March 2 to N874, before rising further to N1,050, N1,175, N1,245 and now N1,275 per litre.
In total, the product price has surged by N501 per litre within a short period, representing an increase of about 64.7 per cent.
Coastal pricing has followed a similar pattern, climbing from roughly N1.45m per metric tonne earlier in March to the current N1.646m, largely influenced by global oil price movements and rising logistics costs.
Stakeholders warn that the frequent price reviews may lead to another round of increases in retail pump prices across the country, with likely knock-on effects on transport fares and general cost of living.
The development is also linked to rising demand for products from the refinery, as countries such as South Africa, Ghana and Kenya seek alternative supply sources amid disruptions affecting traditional fuel supply routes.
Analysts, however, note that despite expectations that the refinery would ease domestic supply pressures, Nigeria’s fuel market remains susceptible to fluctuations in the international oil market and supply chain constraints.