Petrol Depot Prices Surge After Dangote Refinery Raised Rates, Filling Stations Comply
- Dangote Refinery has raised petrol prices, triggering immediate adjustments by depot owners across Nigeria
- Experts sat rising global crude oil prices and geopolitical tensions are contributing to increased petrol costs
- Marketers face disruptions as Dangote mandates additional payment for petrol loading amid confusion
Depot owners and fuel importers have swiftly adjusted petrol prices nationwide following a sharp hike announced by the Dangote Refinery earlier this week.
On Monday, January 26, 2025, Africa’s largest refinery increased its gantry price for petrol from N699 to N799 per litre, an N100 jump that immediately sent shockwaves through Nigeria’s downstream oil market.
Source: Getty Images
Dangote’s price hike triggers a chain reaction
The price revision by the Lekki-based mega refinery triggered an almost instant response from depot operators, many of whom announced fresh rates to align with the new benchmark.
Data obtained from PetroleumPriceNG and compiled by Legit.ng show that major depots adjusted their prices upward within hours of the announcement, reflecting the refinery’s new pricing structure and broader market pressures.
New petrol depot prices emerge
According to the data, ShellPlux raised its petrol price to N799 per litre, while EMMADEB and Pinnacle adjusted theirs to N800 per litre. WEBACO recorded the steepest increase, selling petrol at N850 per litre.
Industry watchers say these depot price adjustments are already feeding into pump prices, forcing filling stations to comply and pass the higher costs on to consumers.
Rising crude oil prices are blamed
Energy experts attribute the latest surge in petrol prices to rising global crude oil prices, driven largely by geopolitical tensions in key oil-producing regions.
They pointed to ongoing protests in Iran and the continued embargo on Russian crude as major factors tightening global supply and pushing prices upward.
As of the time of filing this report, Brent Crude was trading at $70.92 per barrel, West Texas Intermediate (WTI) at $65.65, while Murban crude stood at $68.80 per barrel.
Experts warn of volatility
Energy policy analyst Adeola Yusuf explained that refined petroleum products are highly sensitive to movements in crude oil prices.
“Anytime crude oil prices spike, refined petroleum products react sharply with increases,” Yusuf told Legit.ng. He added that when crude prices decline, refined products typically follow with price reductions.
However, analysts warn that with persistent global tensions, volatility may remain a feature of the market in the short term.
Marketers caught off guard
Meanwhile, a previous report by Legit.ng revealed that Dangote Refinery directed marketers to pay an additional N100 per litre following the price increase.
According to Punch, the directive temporarily disrupted loading operations at the refinery, with several marketers reportedly leaving the facility with empty trucks.
Source: UGC
Findings indicate that marketers who had already completed payment and obtained loading approvals at the old rate of N699 per litre were required to top up to N799 before loading could proceed.
The refinery also withdrew a temporary festive price support and invalidated previously issued loading approvals, triggering confusion and tension at the gantry.
NNPC increases petrol prices in Abuja and Lagos
Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPC) has increased the pump price of petrol across its retail outlets in Lagos and Abuja, deepening pressure on consumers already grappling with rising living costs.
Checks by Legit.ng on Wednesday, January 28, 2026, confirmed that petrol now sells for N835 per litre in Lagos and N839 per litre in Abuja at NNPC filling stations.
The latest adjustment represents a N50 increase in Lagos, up from N785 per litre, while prices in Abuja rose by N20 per litre. The increase was implemented across several NNPC retail outlets in both cities.
Source: Legit.ng
