Dangote Petroleum Refinery has announced an increase in the ex-depot price of Premium Motor Spirit, citing escalating global geopolitical tensions as the driving factor.
In a notice to petroleum marketers on Friday, the refinery confirmed that the ex-depot price of petrol has been raised from N1,175 per liter to N1,245 per liter, while the coastal price increased from N1,512,648 per metric tonne to N1,606,518 per metric tonne.
The refinery stated that the revised pricing will take effect from 12:00 a.m. on March 21, 2026, applying to all new and pending product loadings.
Marketers with existing supply arrangements supported by bank guarantees are permitted to lift products under prior approvals, provided the credit balance covers the price differential.
The refinery further clarified that any cost difference resulting from the adjustment will be recovered from marketers, who are required to submit evidence of payment by March 23, 2026.
“This revision reflects the current global geopolitical situation and its impact on crude oil prices and supply chains,” the refinery said in the notice, explaining the necessity of the price adjustment.
The ex-depot price increase is expected to affect downstream pricing, with pump prices likely to rise as marketers pass on the additional costs to consumers.
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The development comes amid heightened global uncertainty driven by ongoing tensions in key oil-producing regions, particularly in the Middle East, which has pushed up crude oil prices and freight costs.
The refinery, however, maintained that the adjustment was necessary to reflect prevailing market realities, stressing that the pricing review was driven by external factors beyond its control.
The refinery also clarified that marketers with existing supply arrangements backed by bank guarantees would still be allowed to lift products under previous approvals, subject to certain conditions.
“For customers with a valid Bank Guarantee with DPRP, loading will continue with existing ATCs/PRN, provided the BG credit balance covers the price change differential,” the notice added.
It further explained that the cost difference arising from the new pricing would be recovered from marketers.
“The corresponding debit note will be passed in your trading account with DPRP. Payment evidence for the price change differential will be required by Monday, March 23, 2026,” the company said.
Franktalknow.com
