Petrol Hits N1,332 per Litre as Dangote Refinery Imposes Fifth Price Increase in March

The retail price of Premium Motor Spirit (petrol) is set to reach at least N1,332 per litre across Nigeria following the latest upward adjustment by the Dangote Petroleum Refinery, which has now revised its ex-depot price five times in March alone.

MRS Oil Nigeria Plc issued a new pricing template to its dealers yesterday, establishing a pump price of N1,332 per litre, with company delivery set at N1,290 and self-collection at N1,282. The notice directed dealers to implement the change immediately and begin placing orders, with loading to occur at the Dangote refinery.

The refinery had earlier increased its gantry price from N1,245 per litre to N1,275 – a N30 rise or 2.4 per cent – effective midnight March 21. The coastal price was also adjusted from N1,512,648 per metric tonne to N1,646,748, an increase of N134,100 or 8.9 per cent.
Customers with existing Bank Guarantees were permitted to continue lifting volumes provided their credit balance covered the differential.

This marks the fifth upward revision by Dangote in March, in a month that began with a gantry price of N774 per litre on March 2, rising to N874, then N1,050, N1,175, N1,245, and now N1,275 – a cumulative increase of N501 per litre or approximately 64.7 per cent in less than three weeks. Coastal prices have followed a parallel upward trend.

The rapid succession of adjustments reflects ongoing pressure from global crude oil price volatility, freight costs, and supply chain realities, despite expectations that domestic refining at Dangote would bring greater price stability. The refinery cited external market factors beyond its control as the driver of the changes.

The new pricing is expected to trigger immediate pass-through effects at filling stations nationwide, with corresponding increases likely in transport fares, food prices, and other goods reliant on road haulage.

Informed observers anticipate further ripple effects across the economy, particularly in logistics and small-scale manufacturing.

The development occurs against a backdrop of growing regional demand for Dangote’s output. Several African governments, including South Africa, Ghana, and Kenya, have initiated formal engagements with the 650,000-barrel-per-day facility amid disruptions to traditional Middle East supply routes caused by the ongoing Iran conflict.

The refinery has confirmed that all loading under the revised rates will be conducted at its Lagos facility, reinforcing its central role in Nigeria’s downstream supply chain.

Consumers are bracing for higher living costs as marketers begin implementing the new template, with widespread concern over the pace and scale of the increases.