Nigerians Face Tougher Times as Dangote Refinery Raises Fuel Price Again
Nigerians will have to pay more for petrol after the Dangote Refinery announced another price increase. This is the fourth time fuel prices have gone up in March 2026.
The refinery said its new price is N1,245 per litre, up from N1,175 per litre. The new price takes effect from Saturday, March 21, 2026.
According to the refinery, the increase is due to rising global oil prices caused by tensions in the Middle East involving Iran, United States, and Israel. As a result, crude oil prices have jumped, with Brent crude reaching about $112 per barrel.
A representative of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed the price increase.
So far in March, petrol prices from Dangote Refinery have risen several times—from N774 to N875, then N995, N1,175, and now N1,245 per litre.
Because Dangote Refinery supplies a large portion of Nigeria’s fuel, most filling stations will also increase their pump prices. Petrol could now sell between N1,331 and N1,400 per litre in some places.
Data shows the refinery supplied about 61% of Nigeria’s daily petrol needs in February, meaning the price increase will affect most Nigerians.
Experts React
A petroleum economist, Wumi Iledare, said the price increase is mainly due to global oil market changes, not local government policy.
He explained that even though Nigeria now refines more fuel locally, prices are still influenced by international crude oil costs.
He added that in a deregulated market, such increases are expected.
Iledare advised Nigerians to adjust by using fuel more efficiently and considering alternatives like gas.
Another expert, Godwin Oyedokun, also blamed the increase on global factors. He warned that higher fuel prices will raise the cost of living and affect businesses.
He suggested that instead of bringing back fuel subsidies, the government should provide targeted support for key sectors like transport and agriculture. He also recommended stabilizing the exchange rate and improving policies in the oil sector.
What This Means
The latest increase shows that Nigeria’s fuel prices are now largely controlled by global market forces. While this may be difficult in the short term, experts believe it could help the economy in the long run if proper policies are followed.
However, Nigerians should expect higher transportation costs and general living expenses as fuel prices continue to rise.
