The weekend isn't starting with the best news for Nigerian motorists. As of midnight on Saturday, March 21, 2026, the Dangote Petroleum Refinery has officially adjusted its petrol prices upward for the fourth time this month.
Driven by the escalating Iran-Israel conflict, which has pushed global crude oil prices past the $100 per barrel mark, the cost of Premium Motor Spirit (PMS) at the refinery has moved from ₦1,175 to ₦1,245 per litre.
The Global Ripple Effect
The refinery cited "global market realities" as the primary driver for this change. Between skyrocketing crude costs and increased maritime insurance/shipping fees due to Middle East instability, the refinery noted these factors are largely beyond their control.
"The revision reflects fluctuations in crude oil prices and increased shipping costs... Nigeria has retained one of the lowest petrol prices globally despite recent increases driven by geopolitical tensions." — Dangote Refinery Statement
How Nigeria Compares Globally (March 2026)
While ₦1,245 feels steep at the pump, data suggests Nigeria remains a relative "buffer" zone compared to the rest of the world and even its West African neighbors.
| Country | Price per Litre (Est. Naira Equivalent) |
| Nigeria (New Rate) | ₦1,245.00 |
| Ghana | ₦1,678.77 |
| United States | ₦1,455.39 |
| South Africa | ₦1,609.73 |
| United Kingdom | ₦2,537.11 |
| Hong Kong | ₦5,370.72 |
March Madness: The Pricing Timeline
This marks an incredibly volatile month for fuel pricing in Nigeria. To put it in perspective, here is how the price has moved in just three weeks:
Early March: ~₦774/Litre
Mid-March (1st Hike): ₦875/Litre
Mid-March (2nd Hike): ₦995/Litre
Last Week: ₦1,175/Litre
Today (March 21): ₦1,245/Litre
Note for Marketers
If you are a marketer with existing supply arrangements backed by valid bank guarantees, there is a small silver lining. You can still lift products at the previous rates, provided your guarantee covers the price difference. However, the refinery expects all accounts to be balanced with evidence of payment by March 23, 2026.
