**Dangote Refinery Hikes Petrol Price Amid Global Crude Oil Price Surge** The Dangote Petroleum Refinery has announced a fresh increase in the price of Premium Motor Spirit (PMS) from ₦1,175 to ₦1,245 per litre, effective from midnight on Saturday, March 21, 2026. This move comes as a result of the Middle East crisis, which has driven crude oil prices above $100 per barrel. According to a notice to marketers on Friday, the Refinery's ex-depot (gantry) price will rise from ₦1,175 to ₦1,245 per litre, while the coastal price increased from ₦1,512,648 to ₦1,606,518 per metric tonne. The notice attributed the revision to global market realities, including fluctuations in crude oil prices and increased shipping costs, which are beyond the Refinery's control. Marketers with existing supply arrangements backed by valid bank guarantees will still be allowed to lift products at previous rates, provided their guarantees cover the price differential. The corresponding cost difference will be debited to marketers' trading accounts, with evidence of payment required by March 23. In a statement to newsmen, the Refinery noted that Nigeria has retained one of the lowest petrol prices globally despite recent increases driven by geopolitical tensions in the Middle East. According to GlobalPetrolPrices.com, petrol in Nigeria currently averages $0.88 (₦1,191.39) per litre, significantly below the global average of $1.32 (₦1,787.08) per litre, based on an exchange rate of ₦1,353.85 to the dollar. This places Nigeria among the more affordable fuel markets globally, even as international prices continue to rise. Across key markets, petrol prices are notably higher, with the United States at $1.075 (₦1,455.39), India at $1.095 (₦1,482.47), and South Africa at $1.189 (₦1,609.73) per litre. Prices rise further in advanced economies, including the United Kingdom at $1.874 (₦2,537.11), France at $2.152 (₦2,913.49), and Germany at $2.343 (₦3,172.07), while Hong Kong records as high as $3.967 (₦5,370.72) per litre. Nigeria also compares favourably within the West African region, where petrol prices are higher in Togo at $1.192 (₦1,613.79), Benin at $1.218 (₦1,648.99), Ghana at $1.240 (₦1,678.77), and Cameroon at $1.478 (₦2,000.99) per litre. Analysts attribute this relative stability to the growing impact of Dangote Petroleum Refinery & Petrochemicals, which has helped moderate domestic price volatility by absorbing a significant portion of the global cost pressures while ensuring consistent product availability. A key insight from the data is that very few countries globally sell petrol below $1 (₦1,353.85) per litre without some form of state intervention, the Refinery noted, explaining the reason for its recent increase.