Nigerians woke up to yet another surge in petrol prices as the Dangote Petroleum Refinery announced a fresh increase in its ex-depot price of Premium Motor Spirit (PMS) to N1,275 per litre — the fifth adjustment in March alone.
The latest hike, which took effect from midnight on March 21, came barely hours after a previous increase, underscoring the growing instability in Nigeria’s deregulated fuel market.
With this new price, petrol has jumped by N100 from the N1,175 per litre recorded earlier in the month, and by N30 from the N1,245 per litre announced just hours before the latest review. In simple terms, Nigerians are witnessing a sharp and rapid rise in fuel costs within a very short period.
In a notice sent to marketers and customers, the refinery made it clear that all earlier price templates should be ignored, as the new rates now apply across board. It also raised its coastal price significantly, reflecting similar pressure in bulk supply costs.
Despite the increase, the company assured customers operating on credit facilities that transactions would continue — provided they are able to cover the difference caused by the new pricing.
This series of back-to-back price changes highlights the intense pressure within the fuel market, driven largely by global crude oil fluctuations and disruptions in international supply chains.
Ironically, the refinery, which many Nigerians had hoped would bring stability to local fuel prices, is now mirroring the same volatility seen in global markets.
Data shows just how steep the increase has been. At the start of March, petrol sold at N774 per litre at the refinery’s gantry. In less than three weeks, that figure has skyrocketed to N1,275 — a massive N501 increase, representing about a 65 per cent jump.
Industry observers warn that this latest hike is likely to trigger a ripple effect nationwide, with transport fares, food prices, and other basic commodities expected to rise as businesses adjust to higher operating costs.
The situation is further complicated by growing international demand for products from the refinery, with countries like South Africa, Ghana, and Kenya already making moves to secure supply. At the same time, ongoing global tensions — particularly disruptions linked to the Iran conflict — continue to strain fuel supply routes.
While the refinery insists the price adjustments are necessary to reflect current market realities, many Nigerians are left grappling with the harsh impact of yet another increase in the cost of living.
