Nigerians are bracing for tougher economic conditions after Dangote Petroleum Refinery announced another increase in the price of Premium Motor Spirit (petrol), marking the fourth hike in March 2026.
In a notice issued to marketers, the refinery raised its gantry price from N1,175 per litre to N1,245 per litre, with the new rate taking effect from Saturday, March 21.
The latest adjustment comes amid rising global crude oil prices linked to tensions in the Middle East, particularly the Iran–United States–Israel conflict escalation, which has pushed Brent crude to $112 per barrel and West Texas Intermediate to $98.
Confirming the development, spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the increase would directly impact retail pump prices across the country.
The refinery has now raised petrol prices four times this month, moving from N774 to N875, then N995, N1,175, and now N1,245 per litre, reflecting growing pressure from global market forces.
Industry data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority shows that Dangote Refinery supplied about 61 percent of Nigeria’s daily petrol consumption in February 2026, meaning the price hike will affect a large number of consumers.
As a result, petrol pump prices are expected to rise to between N1,331 and N1,400 per litre in major cities, up from N1,261 to N1,330 previously recorded.
Experts, including Professor Wumi Iledare and Godwin Oyedokun, have linked the increase to global economic shocks, warning that continued instability in oil-producing regions could lead to further price adjustments.
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