JUST IN: Dangote hikes petrol price fifth time in March to ₦1,275/litre

The price of petrol supplied by the Dangote refinery has been increased again, marking the fifth adjustment in March and pushing the pump price to about ₦1,275 per litre.

Industry sources say the latest increase represents a sharp cumulative rise of over 60 per cent within the month, intensifying concerns among consumers and businesses already grappling with rising living costs.

Market analysts attribute the repeated price adjustments to a combination of factors, including fluctuations in global crude oil prices, exchange rate pressures and ongoing reforms in Nigeria’s downstream petroleum sector. The evolving pricing structure has continued to influence retail fuel costs across major cities.

Transport operators and small business owners have expressed worries that the increase could trigger higher fares and further inflationary pressures on essential goods and services.

Energy sector stakeholders, however, argue that pricing changes reflect the realities of a deregulated market environment, where fuel costs are increasingly tied to international benchmarks and operational expenses.

Meanwhile, calls have grown for targeted government interventions and policy measures aimed at cushioning the impact on vulnerable households while ensuring stability in fuel supply nationwide.

Observers say the sustained upward trend in petrol prices is likely to shape economic discussions in the coming weeks as authorities and industry players seek long-term solutions to balance market efficiency with consumer protection.