The has increased the ex-depot price of Premium Motor Spirit to ₦1,275 per litre, marking the fifth adjustment in March 2026 and extending a sharp upward pricing trend in Nigeria’s downstream oil market.
The new price took effect from March 21, 2026, with marketers formally notified that previous rates had been withdrawn. The adjustment moved the gantry price from ₦1,175 to ₦1,275 per litre, while the coastal price also rose significantly, reflecting mounting supply-side and cost pressures.
This revision came shortly after an earlier increase to ₦1,245 per litre, highlighting the rapid and continuous nature of the pricing shifts.
Within the space of less than three weeks, petrol prices at the refinery have climbed from ₦774 per litre to the current ₦1,275 per litre, representing a cumulative increase of ₦501 per litre.
This surge underscores the extent of volatility now embedded in the deregulated fuel market.The refinery attributed the repeated price adjustments to prevailing global market conditions, particularly the sustained rise in crude oil prices, persistent foreign exchange constraints, and ongoing disruptions across international fuel supply chains.
The development reinforces the reality that domestic refining capacity has not insulated Nigeria from global oil market fluctuations, as pricing remains directly exposed to international dynamics.
The updated pricing structure applies immediately to all transactions, with marketers required to meet the revised rates for new and pending product lifting. Existing credit arrangements remain valid, but buyers are expected to absorb the price differentials.
The implications are immediate and far-reaching. The increase is expected to translate into higher pump prices nationwide, with cascading effects on transportation costs and broader inflation across goods and services.
At the same time, growing demand for refined products from other African markets is intensifying pressure on supply, further shaping pricing outcomes within Nigeria’s fuel ecosystem.
Source: Punch.ng
