Again, Dangote refinery increase fuel prices as other products soar

As predicted, the prices of petroleum products have continued to rise on daily basis, with Dangote refinery scaling up prices of its products.

The daily increase in the petroleum products has consequently affected prices of other products in Nigeria such as water.

In Enugu state, a 500 gallons of water from 9th mile that used to cost N12,000 now costs N18,000 and above.

The continuous rise in products prices in Nigeria is attributed to the war against Iran by Israel and United States of America that have jointly bombarded Iran and killed it's former supreme leaders.

Both Israel and America alleged that Iran is financing terrorism round the world, including the terrorist activities in Nigeria.

Nigeria is currently making huge amounts of money from sale of its crude oil in the international market but it's citizens are paying dearly for it at home.

Iran has equally retaliated by bombing oil facilities in and around middle east and Persian Gulf, escalating high prices of crude oil around the world.

Dangote refinery on Friday announced the new petrol price hike to N1,245/litre for Premium Motor Spirit (PMS), citing escalating global geopolitical tensions and rising crude oil costs as the driving factors.

In a notice sent to petroleum marketers late Friday, the refinery revealed that its ex-depot (gantry) price would rise from N1,175 to N1,245 per litre, while the coastal price increased from N1,512,648 to N1,606,518 per metric tonne. The new pricing is set to take effect from midnight on March 21, 2026.

The notice explained that the revision reflects global market realities, including fluctuations in crude oil prices and increased shipping costs, which are beyond the refinery’s control.

Marketers with existing supply arrangements backed by valid bank guarantees will still be allowed to lift products at previous rates, provided their guarantees cover the price differential. The refinery stated that the corresponding cost difference will be debited to marketers’ trading accounts, with evidence of payment required by March 23.

Industry analysts expect the increase to trigger higher pump prices nationwide, as marketers are likely to pass on the additional cost to consumers. Despite the stabilising potential of the Dangote refinery for Nigeria’s fuel supply, the market remains highly sensitive to international price movements.

The hike comes amid ongoing tensions in key oil-producing regions, particularly the Middle East, which have driven up crude prices and freight costs. For Nigerian households and businesses, the adjustment is expected to affect transportation and goods pricing in the coming weeks.