Nigerians are set to face another petrol price hike as Dangote Refinery increased its pump price to N1,245 per liter from N1,175, effective Saturday, 21st March 2026. This marks the fourth increase in March, following surges in global crude prices caused by escalating tensions in the Middle East.
The refinery cited the rise in Brent and West Texas Intermediate crude prices, now at $112 and $98 per barrel, as the main factor behind the adjustment. Retailers are expected to increase pump prices accordingly, with estimates in Abuja ranging between N1,331 and N1,400 per liter.
Experts say the hike reflects global oil market realities, not domestic policy failure. Professor Wumi Iledare explained that while local refining reduces import logistics risks, it does not shield Nigeria from global crude price fluctuations. Similarly, Professor Godwin Oyedokun warned that global energy shocks continue to affect domestic inflation, urging targeted government interventions rather than blanket fuel subsidies.
Both experts emphasized that Nigerians must adapt to the market-driven pricing system, focus on energy efficiency, and support structural reforms in the energy sector.