Petrol prices at major filling stations across Nigeria have surged to as high as N1,320 per litre in Lagos and around N1,450 per litre in Abuja, following a fresh increase in the ex-depot (gantry) price from the Dangote Petroleum Refinery.
The hike, effective from midnight yesterday, marked the fifth adjustment in March alone and has triggered another round of pump-price re-pricings by marketers and retailers.
Dangote Refinery raised its ex-depot price for petrol from N1,175 per litre to N1,245 per litre, then again to N1275, marking an increase of N100 per litre.
In a notice issued to its customers and marketers yesterday, the refinery announced that the new price took immediate effect.
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The notice read, "Dear Valued Customer, kindly note that the prices contained in our previous correspondence are no longer applicable and should be disregarded.
"Please find below the current DPRP PMS gantry and coastal prices. The refinery increased its coastal price from N1,512,648 to N1,646,748 per metric tonne, while the gantry price rose from N1,175 to N1,275 per litre."
The company stressed that the new price regime takes immediate effect.
"Please note that the revised price will apply to all unloaded gantry and coastal volumes and is effective from 12am on the 21st of March 2026," it stated.
Many independent stations supplied by Dangote and other marketers have begun selling premium motor spirit at N1,320 per litre or higher, up from the N1,250-N1,280 range recorded earlier in the week.
In Abuja, where costs are typically higher due to logistics, motorists are now facing prices of about N1,450 per litre at some major outlets, further straining household and transport budgets already under pressure from food-price inflation and high transport tariffs.
Checks across several filling stations on Saturday showed noticeable price variations, with some outlets selling slightly above the benchmark.
At MRS Oil Nigeria Plc station in Ikeja, petrol was dispensed at N1,322 per litre, while Ardova Plc in Gbagada and a station operated by the Nigerian National Petroleum Company Limited (NNPC) in Iyana Ipaja sold at N1,320 per litre.
However, a station belonging to Conoil Plc in Ikeja recorded the highest price among the outlets surveyed, selling petrol at N1,330 per litre.
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Along the Lagos-Ibadan Expressway corridor, Julanky Filling Station in the Arepo border community dispensed petrol at N1,320 per litre.
At press time, Rabade Filling Station within the same axis had shut its gates to customers, while an AP filling station in the Warewa border community before Berger was also closed.
Similarly, several MRS outlets along the Sango-Idiroko axis were selling between N1,320 and N1,330 per litre.
In neighbouring Ogun State, a filling station at Iju, Ota, sold petrol for N1,330 per litre, while an AP filling station on the same road dispensed the product slightly lower at N1,280 per litre.
The refinery has attributed the latest increase to escalating global geopolitical tensions, particularly the ongoing conflict involving Iran and its impact on crude-oil markets.
Dangote said the revision reflects "global market realities," including rising crude-oil prices above the mid-to-high-$90s per barrel and higher shipping and insurance costs, which are beyond the company's control.
The war-linked disruptions have also forced shutdowns or reduced output at several international refineries, tightening global supply and pushing up import-equivalent prices that local refineries must match.
Analysts have warned that unless global tensions ease and crude prices stabilise, additional upward adjustments at the gantry cannot be ruled out, with further pressure on retail pump prices across the country.
