Nigerians are bracing for another spike in petrol prices nationwide after Dangote Refinery announced a fresh increase in its gantry price, marking the fourth adjustment in March 2026.
In a notice issued on Friday, the 650,000 barrels-per-day refinery confirmed that its petrol price has risen from N1,175 to N1,245 per litre, with the new rate taking effect from Saturday, March 21.
The refinery attributed the hike to escalating geopolitical tensions in the Middle East involving Iran, the United States, and Israel, which have driven global crude oil prices upward. As of Saturday morning, Brent crude surged above $112 per barrel, while West Texas Intermediate climbed to $98.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria and the Natural Oil and Gas Suppliers Association of Nigeria, Chinedu Ukadike, confirmed the development.
With Dangote Refinery supplying approximately 61 percent of Nigeria’s daily petrol consumption—about 39.6 million litres out of 64.9 million litres in February—analysts say the latest adjustment will have widespread impact. Retail pump prices are now expected to rise by about N70, pushing costs to between N1,331 and N1,400 per litre in major cities.
Experts have linked the increase directly to global oil market shocks rather than domestic policy failures. Professor of Petroleum Economics, Wumi Iledare, described the development as an inevitable outcome of rising crude prices in a deregulated market.
“Fuel pricing in Nigeria is now largely market-driven and tied to global realities. Local refining does not shield the country from international price volatility,” he noted.
Similarly, Professor of Accounting and Finance, Godwin Oyedokun, warned that the effects of global oil disruptions are already intensifying economic pressure within the country. He highlighted exchange rate challenges and dollar-denominated crude pricing as key factors transmitting global shocks into domestic inflation.
Both experts advised against a return to blanket fuel subsidies, instead calling for targeted government interventions, policy consistency, and long-term structural reforms, including investment in alternative energy and mass transit.
The latest increase underscores the growing influence of global oil dynamics on Nigeria’s energy market, signaling a continued period of high fuel costs for consumers and businesses alike.
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