Dangote Refinery, Two Other Depot Owners Hike Petrol Price to N823 Per Litre
- Two marketers and Dangote Refinery have hiked petrol prices from N820 per litre over the weekend
- The move comes amid the rising crude oil prices in the international market, as global benchmarks edged higher
- Recall that Dangote Refinery recently hit 610,000 bdp-capacity, 40,000 bpd shy of its full capacity
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Three operators, including Dangote Refinery, Aiteo and AA Rano, have adjusted their petrol depot prices to N823 per litre, up from N821, following the rise in crude oil prices.
International benchmarks edged to $67 per barrel from $65 in the global crude market over the weekend.
Source: Getty Images
Dangote, two other marketers adjust prices
The three operators had previously sold petrol at N821 per litre. Findings showed that on Sunday, August 24, 2025, the domestic petroleum market continued to react to global changes due to competition in the Nigerian downstream petroleum sector.
Also, the pump prices of petrol have remained unchanged, but analysts believe they may shift slightly this week if the current price hikes hold.
Price volatility: Marketers, analysts weigh in
“Nigerians should know that they are now operating in a deregulated market, where market forces set the prices for players and consumers,” Osas Igho, a financial analyst, said.
“Petroleum product prices can change within hours. It is determined by several issues ranging from geopolitical tensions to international politics,” he said.
Vanguard quoted the CEO of Petroleumprice.ng, Olajide Jeremiah, as saying that there is a frequent adjustment of depot prices for some reasons, including low crude oil prices and competition among industry players.
According to him, the market will continue to record more price adjustments in the coming weeks as new changes happen in the international oil market.
“We also expect the adjustments would be extended to pumps so that consumers would feel the impact going on in the market,” he said.
Marketers call for refineries’ sale
However, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said the domestic market is dynamic and responsive to development in the global market.
He reiterated the importance of increased and stable supply, while asking for the privatisation of government-run refineries.
Gillis-Harry said the full privatisation with grassroots stakeholders' participation, such as PETROAN, the Major Energy Marketers Association of Nigeria (MEMAN), and others, remains the viable solution.
Dangote Refinery gears up for upgrade
A prior report by Legit.ng disclosed that the mega Dangote Refinery has concluded plans to upgrade the facility from 650,000 bpd capacity to 700,000 bpd.
Findings showed that the refinery's operations have already changed the previous flows of petroleum products, especially from Europe and other markets to Nigeria.
Source: Getty Images
Reports say that the plant is nearing full capacity and is currently operating at 610,000 bpd capacity.
Dangote’s impact on the EU market
Dangote Refinery has contributed to reducing Nigeria’s reliance on foreign plants for refined petroleum products and has helped meet domestic demand, while exporting to other countries.
The move has impacted the European petroleum market, with OPEC saying that the Lekki-based refinery’s production and exports will likely affect the European gasoline market further.
The mega refinery has reportedly freed up petrol volumes in global markets, prompting the need for new destination markets and adjustments in gasoline flow, leading to declining petroleum product imports into Nigeria and affecting EU gasoline inventory levels.
Dangote Refinery sparks hope of cheaper fuel
Legit.ng earlier reported that Nigeria’s journey toward a cheaper and more reliable petrol supply has taken a major step forward as independent marketers commenced formal registration with the Dangote Refinery for direct fuel delivery.
The refinery, Africa’s largest, was scheduled to start distributing Premium Motor Spirit (PMS) and diesel directly to retailers from August 15, bypassing traditional depots and intermediaries.
The development followed the company’s earlier announcement on June 15, 2025, of plans to deploy 4,000 Compressed Natural Gas (CNG)-powered tankers nationwide.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
