Dangote Refinery Hikes Petrol to ₦1,245 as Iran War Pushes Oil Over $110; Pump Prices Hit ₦1,440 at Filling Stations

Nigerians are waking up to a tough new reality at the petrol pumps this weekend. On Saturday, March 21, 2026, the Dangote Petroleum Refinery officially adjusted its ex-depot price for petrol to ₦1,245 per litre, a move that has immediately sent shockwaves through the nation’s economy.

The refinery explained that it had no choice but to “flip the script” on its pricing due to the escalating war in the Middle East. With crude oil prices surging past $112 per barrel and shipping costs rising, the cost of refining has become significantly more expensive. In a notice to marketers, the refinery noted that the global geopolitical crisis has created a “perfect storm” that is beyond its control.

The ripple effect was felt almost instantly. By Saturday morning, several independent filling stations in Abuja and Lagos had already adjusted their prices, with some dispensing petrol for as high as ₦1,440 per litre. While the Nigerian National Petroleum Company (NNPC) retail outlets have tried to keep prices lower, long queues are beginning to form as motorists hunt for cheaper fuel.

Economic analysts warn that this latest hike the fourth this month will likely lead to another increase in transportation fares and food prices just as the Sallah holidays begin. However, the refinery maintained that without its intervention, prices could have been even higher, noting that Nigerians are still paying much less than citizens in Europe or other West African countries. As global tensions remain high, many fear that the ₦1,245 mark may not be the final stop for petrol prices this month.