The Dangote Petroleum Refinery, a key player in Nigeria's oil sector, has announced a significant increase in the price of Premium Motor Spirit (petrol), now set at N1,245 per litre. This announcement has sent ripples through the market, prompting both consumers and petroleum marketers to brace for potential further price increases. The refinery attributed the hike to escalating global geopolitical tensions, which have impacted oil prices internationally.

The official notice to marketers revealed that the ex-depot price was raised from N1,175 to N1,245 per litre, marking a N70 increase. Additionally, the coastal price was adjusted, rising from N1,512,648 per metric tonne to N1,606,518 per metric tonne. The effective date for these new prices has been set for midnight on March 21, 2026, indicating that consumers can expect to feel the financial impact shortly thereafter.

This price adjustment comes amid ongoing concerns over fuel affordability in Nigeria, particularly as global oil markets remain volatile due to various geopolitical issues. The increase is likely to lead to a ripple effect on transportation and goods prices, generating further debates about government policy and intervention in the oil sector to shield consumers from rapid price fluctuations.