Again, Dangote Refinery hikes petrol price

By Ayorinde Oluokun/Abuja

Dangote Refinery on Friday announced a fresh increase in the price of petrol from N1,175 to N1,245 per litre, the fourth increase of the product’s price by the company in a month.

The increase of the retail price of petrol by the refiner followed rise in the price of crude oil prices above $100 per barrel as a result of the Middle East crisis

Dangote Refinery said the new increase in price will take effect from midnight on Saturday, March 21, 2026 in a notice to marketers on Friday.

According to the company, the ex-depot (gantry) price of petrol would rise from N1,175 to N1,245 per litre, while the coastal price increased from N1,512,648 to N1,606,518 per metric tonne.

Dangote said the revision reflects global market realities, including fluctuations in crude oil prices and increased shipping costs, which are beyond the Refinery’s control.

The company also said marketers with existing supply arrangements backed by valid bank guarantees will still be allowed to lift products at previous rates, provided their guarantees cover the price differential.

It added that that the corresponding cost difference will be debited to marketers’ trading accounts, with evidence of payment required by March 23.

Still, the company, in a statement noted that Nigerian are still enjoying one of the lowest petrol prices globally despite recent increases driven by geopolitical tensions in the Middle East.

“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.

Dangote Refinery noted that despite Nigeria’s transition to a deregulated market following subsidy removal in 2023, it has coninued to act as a buffer for the economy.

“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.

Dangote Refinery had increased price of petrol from around N774 to N875, then N995, N1,175, and now N1,245 per litre since the beginning of March.