By Our Correspondent

National News – The Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,245 per litre, marking the fourth fuel price adjustment in March.

The latest change reflects rising global geopolitical tensions and increasing crude oil market volatility, which have continued to influence fuel costs across international markets.

According to a notice issued to fuel marketers on Friday evening, the refinery raised its ex-depot (gantry) petrol price from N1,175 per litre to N1,245 per litre.

The coastal price was also reviewed upward, moving from N1,512,648 per metric tonne to N1,606,518 per metric tonne.

The company stated that the revised pricing structure took effect from midnight on Saturday, March 21, 2026.

The refinery explained that the adjustment was necessary due to the worsening global geopolitical climate, particularly tensions in major oil-producing regions.

These developments have pushed up crude oil prices, freight costs, and supply chain expenses, forcing refiners and suppliers to review their pricing strategies.

Industry observers say the new petrol price from the Dangote refinery is likely to affect pump prices nationwide, as marketers may transfer the increased costs to consumers in the coming days.

Nigeria’s downstream petroleum sector often reacts quickly to depot price changes, meaning motorists could soon see higher prices at filling stations across the country.

Despite the adjustment, the refinery confirmed that marketers with existing supply arrangements backed by bank guarantees would still be able to lift products using previously approved allocations.

However, such transactions must account for the price difference created by the new pricing structure.

The refinery said debit notes would be issued to cover the difference, and marketers are expected to provide payment confirmation for the price adjustment by March 23, 2026.

The development highlights the continued sensitivity of Nigeria’s fuel market to global oil price movements, even after the launch of the Dangote refinery, which many analysts expected would help stabilise domestic fuel supply and pricing.

Energy experts say sustained volatility in international crude oil markets could lead to further price adjustments if global tensions continue to disrupt supply chains and shipping routes.