Dangote Refinery raises fuel to ₦1,175 amid global oil surge

Business, Middle East

Lagos, Nigeria — March 9, 2026 — The Dangote Petroleum Refinery has announced its fourth ex-depot price adjustment since March 2, raising the gantry price of Premium Motor Spirit (PMS), or petrol, to ₦1,175 per litre and Automotive Gas Oil (AGO), commonly known as diesel, to ₦1,620 per litre. The latest increase marks the third upward revision in just one week, underscoring mounting pressure on Nigeria’s downstream sector amid global market volatility.

According to petroleumprice.ng, Nigeria’s downstream industry monitoring platform, the new pricing template has been communicated to marketers following earlier adjustments this month. The changes come after a temporary suspension of petrol loading operations and restricted truck-out activities, which had fueled speculation of an imminent price hike.

Under the revised structure, petrol has jumped from ₦995 per litre, while diesel has surged from ₦1,430 per litre, reflecting sharp increases in domestic fuel costs. The adjustments coincide with a spike in international crude benchmarks: as of 1:00 pm WAT, Brent crude traded at $102.8 per barrel (+10.91%), while WTI crude stood at $101.0 (+11.08%).

Analysts warn that the latest increases are likely to ripple through Nigeria’s economy, driving up the cost of goods and services in a petroleum-dependent market. Industry observers note that while the government is expected to benefit from higher revenues amid the Middle East conflict involving the United States, Israel, and Iran, pressure is mounting for authorities to deploy subsidies or other interventions to stabilise domestic prices.