Again, Dangote Increases Petrol Price As Crude Oil Sells Above $110

• Again, Dangote Petroleum Refinery has decided to raise the gantry price of petrol
• Two new prices were announced within 24 hours, expected to push retail pump prices higher nationwide
• The ongoing US, Israel, Iran war has caused global crude oil prices to surge above $110 per barrel

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Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Dangote Petroleum Refinery has raised the price of petrol at its gantry to N1,275 per litre, marking a second increase within 24 hours amid surging global crude oil prices.

Barely 12 hours after an earlier hike, the refinery increased the price of Premium Motor Spirit (PMS) from N1,245 to N1,275 per litre.

Dangote hikes petrol price

The revised rate takes effect from 12:00 a.m. on March 21, 2026, replacing all previously communicated prices.

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At the time of filing this report, Brent crude traded around $112.2 per barrel, after earlier touching $114, representing a sharp increase driven by escalating geopolitical tensions in the Middle East.

In a notice to customers, the refinery stated:

“The prices contained in our previous correspondence are no longer applicable and should be disregarded."

PetroluemPrice.ng reports that based on new pricing, the coastal supply price was also increased to N1,646,748 per metric tonne, with the new rates applying to all pending and unloaded volumes.

Dangote Refinery also noted that customers with valid bank guarantees would continue to load under existing Authority to Collect (ATCs) and Proforma Invoice (PRN) arrangements, provided they settle the price differential.

The back-to-back adjustments again showed the speed at which global crude oil price movements are being transmitted into Nigeria’s domestic fuel market.

Global tensions drive oil spike

Crude oil prices surged following renewed attacks on key energy infrastructure in the Middle East, raising concerns about supply disruptions, Vanguard reports.

Brent crude rose to as high as $114 per barrel in early trading, while European gas prices climbed to their highest level since the conflict began.

US President Donald Trump warned that the United States would escalate its response if Iran continued attacks on critical energy assets in the region.

Qatar also reported significant damage after missile strikes near the Ras Laffan terminal, the world’s largest liquefied natural gas facility, following retaliatory actions linked to earlier attacks involving Israel and Iran.

In a related development, the UK’s maritime agency reported that a vessel east of the Strait of Hormuz caught fire after being struck by an unidentified projectile, further heightening fears over energy supply routes.

Nigeria records highest fuel price hike globally

Legit.ng earlier reported that Nigeria has recorded the sharpest increase in petrol pump prices globally following the escalation of tensions in the Middle East involving the United States, Israel and Iran, according to data from Global Petrol Prices.

The analysis shows that Nigeria’s petrol prices rose by 39.5% between February 23 and March 16, the highest increase among all countries tracked during the period.