Dangote Refinery, Depot Owners Change Petrol Prices After Suspending Sales Amid Oil Rate Hikes
- Dangote Petroleum Refinery and depot operators have suspended petrol loading amid rising global crude oil prices
- Diesel prices also surged in Lagos as petrol supply slows dramatically, depots and marketers adjust their pumps
- Experts warn of potential higher pump prices due to geopolitical tensions and crude oil price spikes
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s fuel market experienced fresh turbulence after the Dangote Petroleum Refinery and depot operators suspended petrol loading operations effective midnight, March 2, 2026.
The decision followed a sharp rise in global crude oil prices, which surged past the 80-dollar-per-barrel mark overnight.
Source: Getty Images
Industry checks by Legit.ng confirmed that Premium Motor Spirit, commonly known as petrol, was no longer being loaded at the facility from midnight.
The halt also affected the issuance of Proforma Invoices, effectively freezing new petrol transactions for marketers seeking supply from the refinery.
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However, the operational adjustment was limited to petrol. Automotive Gas Oil, widely known as diesel, continued loading without disruption, signalling a strategic pause rather than a complete shutdown of operations.
Depot owners across Nigeria follow suit
The refinery’s decision triggered a ripple effect across Nigeria’s downstream petroleum sector.
Several private depot owners in major fuel hubs nationwide also suspended petrol sales during the trading day.
Market sources revealed that traders and marketers adopted a cautious stance, reassessing pricing structures amid fears of higher replacement costs.
The synchronised slowdown highlights the deep sensitivity of Nigeria’s fuel market to global crude price fluctuations, according to a report by PetroleumPriceNG.
By halting sales, depot operators aimed to avoid potential losses that could arise if crude oil prices continue their upward trajectory.
The development temporarily reduced supply activity across the country, leaving marketers and consumers watching closely for the next pricing direction.
Diesel prices jump in Lagos
While petrol transactions slowed significantly, limited diesel sales were recorded in Lagos depots. Automotive Gas Oil was sold at around N1,100 per litre, marking a sharp increase from the average N890 per litre recorded just days earlier.
The swift adjustment underscores how quickly international oil price movements are transmitted into domestic refined product costs. For businesses reliant on diesel, especially manufacturers and transport operators, the jump adds fresh pressure to operating expenses.
New petrol prices emerge
Despite the temporary suspension, fresh depot pricing data has started to surface. According to market findings, Pinnacle and Rainoil Lagos are now selling petrol at N900 per litre. Eterna’s rate stands at N792 per litre, while A&E is offering supply at N807 per litre.
The variation in prices reflects differing stock positions and cost calculations among operators.
Analysts suggest more adjustments could follow as market players respond to evolving global conditions.
Global tensions driving oil rally
Experts attribute the sudden crude oil surge to escalating geopolitical tensions in the Middle East.
With instability threatening supply routes, global benchmarks have climbed sharply, sparking fears that prices could average 90 dollars per barrel if the crisis persists.
For Nigeria, which relies heavily on imported refined products despite growing domestic capacity, such spikes have immediate consequences. Industry observers warn that sustained global volatility may translate into higher pump prices in the coming weeks.
As operators review their strategies and await clearer signals from international markets, Nigerians may need to prepare for a period of elevated energy costs.
Source: Getty Images
FG sets new conditions for petrol imports
Legit.ng earlier reported that Nigeria’s downstream petroleum sector is entering a new phase as the Federal Government moves to fine-tune the framework guiding petrol imports, even as the Dangote Refinery releases updated Premium Motor Spirit (PMS) prices.
Fresh deliberations were held on Friday, February 20, 2026, at a high-level stakeholders’ meeting convened by the Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
The session, led by Engr. Saidu Aliyu Mohammed brought together key industry players, including members of the Depot and Petroleum Products Marketers Association of Nigeria.
Source: Legit.ng
