The Dangote Petroleum Refinery has announced a ₦70 per litre increase in its petrol gantry price, effective March 21, 2026, citing the rapid escalation of global geopolitical tensions in the Middle East.
Nigerians and petroleum marketers are facing a fresh wave of economic pressure following a Friday night announcement from the Dangote Petroleum Refinery regarding an upward review of fuel prices. In a notice sent to marketers and obtained by correspondents on March 20, 2026, the refinery disclosed that its ex-depot (gantry) price has been raised from ₦1,175 per litre to ₦1,245 per litre. The adjustment also saw the coastal price rise significantly from ₦1,512,648 per metric tonne to ₦1,606,518 per metric tonne. This ₦70 per litre jump is expected to manifest at retail pumps across the country by Saturday morning, as marketers pass the increased procurement costs onto consumers.
The refinery explicitly linked the price hike to the worsening international security situation, which has seen the Strait of Hormuz become a primary battleground in the ongoing U.S.-Iran conflict. “Please be informed that due to the current global geo-political situation which has further escalated, the PMS gantry & coastal price has been reviewed and updated,” the official notice read. As global crude oil prices flirt with the $150 per barrel mark due to supply disruptions and increased insurance premiums for tankers in the Gulf, local refining costs have been pulled upward in tandem with international benchmarks.
The new pricing regime is scheduled to take effect from midnight on March 21, 2026, applying to all unloaded gantry and coastal volumes. Industry experts warn that this latest hike—the second major adjustment since the war began on February 28—could push retail prices in major cities like Abuja and Lagos toward the ₦1,400 per litre mark. With the manufacturing sector already reeling from ₦1,700 diesel costs, this additional spike in petrol prices is likely to further exacerbate the “double whammy” of rising production expenses and shrinking consumer purchasing power currently gripping the Nigerian economy.
Dangote Refinery Price Comparison (March 2026)
| Metric | Previous Price (Pre-March 21) | New Price (Post-March 21) | Increase |
|---|---|---|---|
| Gantry Price (Per Litre) | ₦1,175 | ₦1,245 | +₦70 |
| Coastal Price (Per Metric Tonne) | ₦1,512,648 | ₦1,606,518 | +₦93,870 |
| Effective Date | — | Midnight, March 21 | — |
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