According to Channels Television, the Dangote Petroleum Refinery has adjusted its gantry price for Premium Motor Spirit (PMS) to ₦1,245 per litre. This marks the fourth upward review in a single month, a move the facility management attributes to the escalating geopolitical tensions in the Middle East and the resulting surge in international crude oil benchmarks.
The price adjustment, which took effect at midnight on Saturday, March 21, 2026, reflects the refinery’s response to Brent crude climbing toward $112 per barrel. Marketing groups have indicated that this change will inevitably lead to higher retail costs at filling stations across Nigeria, potentially pushing pump prices toward the ₦1,400 mark in some regions.
The development has been corroborated by Daily Post, which reported that the hike is a direct consequence of the “Iran-United States-Israel war escalation.” Additionally, The Punch noted the strain on local consumers, quoting a marketer who stated, “The volatility in the international market is now being felt directly at our gantries.”
Echotitbits take: This price hike highlights the sensitivity of Nigeria’s newly localized refining sector to global shocks. While the Dangote refinery was expected to provide a buffer against imports, its pricing remains tethered to international crude costs, suggesting that domestic energy inflation will persist as long as Middle Eastern tensions remain high.
Source: The Punch – https://punchng.com/4th-time-in-march-dangote-hikes-fuel-price-to-n1245/?amp, March 21, 2026
Photo credit: The Punch
