Depot Owners Raise Diesel Price Again as Dangote Refinery Suspends Loading
- The Dangote Refinery has suspended diesel loading and sales, raising concerns among fuel marketers
- Depot operators across Lagos increased diesel prices to about N1,200 per litre on March 5, 2026
- The new prices represent roughly a 12% increase compared with the previous day’s average depot rates
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
The Dangote Petroleum Refinery has suspended diesel (Automotive Gas Oil – AGO) loading and sales, a move that coincided with fresh price increases by depot operators in major supply hubs.
Source: Getty Images
Market checks by Petroleumprice.ng indicate that several depot owners have already raised diesel prices, with some facilities in Lagos quoting about N1,200 per litre. The development has fuelled speculation among industry players that another round of price adjustments could follow.
Suspension raises industry concerns
The halt in diesel loading at the refinery as of Thursday morning has drawn attention from fuel marketers and distributors who are closely monitoring developments.
Industry sources told Petroleumprice.ng that the suspension is often interpreted in the market as a possible sign that the refinery may introduce a revised pricing structure.
According to traders, pauses in product loading sometimes occur when suppliers are reviewing prices before announcing new allocations.
Diesel prices rise in Lagos depots
Data monitored by Petroleumprice.ng on March 5, 2026, showed that diesel prices across Lagos depots increased significantly compared with the previous day.
Selected depot prices include:
- Menj Depot – N1,200 per litre
- Integrated Depot – N1,200 per litre
- Ibeto Depot – N1,200 per litre
The new figures represent a sharp increase from N1,070 - N1,078 per litre recorded on March 4 across several depots in Lagos.
Based on the latest data, the average depot price for diesel has risen by about 12% within 24 hours. Price increases spread to other supply corridors
Price adjustments have also been reported in other major fuel distribution centres across the country.
Warri depots
- Rain Oil – N1,300 per litre
- Zamson Depot – N1,300 per litre
Port Harcourt depots
- Bulk Strategic Depot – N1,400 per litre
The trend suggests that the increase is not limited to Lagos but is extending to other supply hubs that distribute diesel to inland markets.
Analysts link trend to evolving market dynamics
Industry analysts say the recent developments reflect broader changes in the downstream sector, particularly after a reported reconciliation and alignment between the Dangote refinery and major depot operators.
Market insiders say this relationship may be enabling prices to move more quickly and more uniformly across different distribution centres.
While some stakeholders believe stronger coordination could improve supply stability and reduce disruptions, others worry that it may also push prices higher for end users.
Source: UGC
Concerns over impact on consumers
With depot prices rising and the refinery suspending sales, marketers say the key concern is how the situation could affect consumers and businesses that depend heavily on diesel.
A depot operator who spoke to Petroleumprice.ng noted that pricing movements across the market appear to be increasingly synchronised.
For now, traders say the downstream sector remains cautious as industry players wait for the next pricing signal from the Dangote refinery, which has become a major influence on fuel price movements in Nigeria.
Market participants note that if the refinery resumes diesel loading with a higher price benchmark, depot prices across the country could rise further in the coming days.
Experts warn petrol, diesel prices may rise
Legit.ng earlier reported that energy experts had warned that petrol and diesel prices in Nigeria could rise if crude oil exceeded $90 per barrel.
Rising tensions in the Middle East have increased volatility in the global oil market. Brent crude is currently $84.10, according to Oilprice.com.
Analysts said Nigeria remains exposed to global oil price volatility because local refineries still import significant volumes of crude
Source: Legit.ng
