Petrol prices are climbing once again, and Dangote Petroleum Refinery drives the change.
The company raised the ex-depot gantry price from ₦1,175 to ₦1,275 per litre, taking effect on Saturday.
Petrol Prices Climb
The refinery notified marketers late on Friday, and by Saturday morning, Petroleumprice.ng already reflected the updated price.
Geopolitics Drive Hikes
This surge marks another adjustment in March, following global uncertainty caused by the ongoing Middle East crisis.
In its notice, the refinery explained that escalating geopolitical tensions forced it to review prices.
“Due to the current global geopolitical situation, which has further escalated, we have reviewed and updated the PMS gantry and coastal prices,” the statement read.
The company implemented the hike in two stages: ₦70 on Friday and ₦30 on Saturday, creating a total rise of ₦100 in just two days.
Moreover, the refinery clarified that the revised price applies to all unloaded gantry and coastal volumes from Saturday.
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Earlier in March, the refinery had reduced ex-depot prices by ₦100, bringing petrol down to ₦1,075 per litre—a rare relief after weeks of increases.
However, it soon raised prices again to ₦1,175, and now to ₦1,275, which could push pump prices as high as ₦1,300 per litre.
Regional Demand Surges
Meanwhile, African countries are increasingly approaching Dangote Refinery for fuel amid disruptions caused by the Iran war.
Bloomberg reported that nations such as South Africa are negotiating directly with the company to stabilise domestic fuel supply.
Officials emphasise that the surge reflects energy security concerns rather than pricing.
Consequently, governments actively diversify supply sources to reduce risks from Middle East instability.
Overall, Dangote Refinery continues balancing Nigeria’s domestic needs with growing continental demand and a volatile global market.
