The decision of the Dangote Petroleum Refinery to increase the price of Premium Motor Spirit (PMS), otherwise known as petrol, for the fourth time in March 2026, has forced retailers to sell to consumers above N1,300 per litre in Lagos.
Business Post reports that one of the major partners of Dangote Refinery, MRS Oil Nigeria Plc, dispenses the product to customers at N1,327 per litre, while a few others adjusted their pumps to N1,320 per litre.
At the weekend, the private refinery based in Lagos raised its ex-depot price by N70 to N1,245 per litre from N1,175 per litre.
The increment was due to attacks on Iran by the duo of the United States and Israel. The Middle East crisis has pushed the price of crude oil on the global market above $100 per barrel.
At the beginning of this month, the gantry price of PMS at Dangote Refinery was N774 per litre, but it was later moved higher to N875 per litre, then to N995 per litre, before hitting N1,175 per litre, and now N1,245 per litre.
The 650,000 barrels per day facility blamed the war for the price instability, assuring consumers of the availability of the product.
In the notice of marketers on Friday night, Dangote Refinery said, “The PMS gantry and coastal prices have been reviewed and updated” because of the escalating “current global geopolitical situation.”
“The refinery raised its coastal price from N1,512,648 per metric tonne to N1,606,518 per metric tonne, while the gantry price increased from N1,175 per litre to N1,245 per litre.
“Please note that the revised price will apply to all unloaded gantry and coastal volumes and is effective from 12 am on March 21, 2026,” parts of the disclosure said.
However, it noted that, “For customers with a valid Bank Guarantee with DPRP, loading will continue with existing ATCs/PRN (if any), provided the BG credit balance covers the price change differential.
“The corresponding debit note will be passed in your trading account with DPRP. Payment evidence for the price change differential will be required by Monday, March 23, 2026.”