Fresh hike to ₦1,275 per litre marks fifth increase in March, as global tensions and market pressures drive unprecedented volatility…..
Barely hours after announcing a new pricing structure, the Dangote Petroleum Refinery has once again revised its ex-depot price of Premium Motor Spirit (petrol), pushing it up to ₦1,275 per litre. The latest adjustment highlights the growing instability in Nigeria’s deregulated fuel market and signals tougher days ahead for consumers.
This new price represents a ₦100 jump from the ₦1,175 per litre sold earlier in the month, as well as a ₦30 increase from the ₦1,245 rate communicated just hours before the latest revision. In percentage terms, that’s an 8.5% rise within weeks and another sharp increment within the same day.
In a notice circulated to marketers and industry stakeholders on Saturday, the refinery made it clear that all previous pricing templates should be ignored, emphasizing that the newly released rates take immediate effect.
“Kindly note that the prices contained in our previous correspondence are no longer applicable,” the statement read, adding that all pending and future transactions would now be processed at the updated rates.
The refinery also adjusted its coastal pricing, increasing it from ₦1,512,648 to ₦1,646,748 per metric tonne, an additional ₦134,100, or roughly 8.9%. This change reflects rising costs not only in crude oil but also in logistics and international freight.
Despite the sudden shifts, the company indicated that customers operating under existing credit arrangements would still be accommodated, provided they can cover the price differences. Those with valid bank guarantees may continue lifting products under prior approvals, subject to sufficient credit balance.
What stands out most, however, is the speed and frequency of these changes. Within March alone, the refinery has adjusted its petrol prices five times, painting a picture of a market under intense pressure.
At the start of the month, petrol was priced at ₦774 per litre. It quickly rose to ₦874, then surged to ₦1,050, followed by ₦1,175 and ₦1,245, before landing at the current ₦1,275. In less than three weeks, that’s a staggering ₦501 increase equivalent to nearly 65%.
Coastal prices have followed a similar upward trajectory, climbing steadily as global supply chains tighten and costs escalate.
The implications are immediate and far-reaching. Analysts expect the latest increase to trigger a new round of pump price adjustments across the country, with transport fares and the cost of goods likely to follow suit.
Although the refinery was widely expected to stabilize Nigeria’s fuel supply, current realities suggest otherwise. Global oil price volatility and supply disruptions continue to dictate local pricing, leaving little room for insulation.
Recent geopolitical tensions, particularly involving Iran and broader Middle East supply routes, have further strained global fuel availability. As traditional supply chains falter, demand for alternative sources including the Dangote refinery has surged.
Countries such as South Africa, Ghana, and Kenya have reportedly turned to the refinery for supply, adding external demand to an already pressured system.
The refinery maintains that its pricing decisions are driven by market realities beyond its control. However, for millions of Nigerians, the impact is becoming increasingly difficult to ignore.
With prices shifting this rapidly, one thing is clear: the era of stable fuel costs is over and the full weight of global market forces is now being felt at home.
