Dangote, N1,175/Litre: Depot Owners Announce Fresh Petrol Prices Nationwide as Crude Oil Surges
- Nigeria faces sharp petrol price hikes due to global oil market disruptions amid the Israel–US–Iran conflict
- Dangote Refinery raises petrol prices twice as crude oil briefly surpasses $100 per barrel this weekend
- Analysts warn prolonged Middle East tensions may sustain pressure on global energy prices affecting Nigeria
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Petrol prices at major depots across Nigeria have surged sharply, as operators react to global oil market disruptions triggered by the escalating Israel–US–Iran conflict.
Industry analysts say the situation around the Strait of Hormuz has intensified the volatility in global energy markets.
Source: Getty Images
The strategic waterway, through which a significant portion of the world’s oil supply passes, has reportedly been affected by tensions, leaving thousands of vessels stranded and raising fears of supply disruptions.
These developments have pushed crude oil prices higher globally, with the ripple effects quickly reaching Nigeria’s downstream petroleum sector.
Crude oil climbs above $100 per barrel
Over the weekend, crude oil prices briefly surged past the $100 per barrel mark, sending shockwaves across global energy markets.
Despite assurances from United States President Donald Trump that efforts were underway to stabilise shipping activities around the Strait of Hormuz, the market remained jittery as geopolitical tensions persisted.
However, there was some relief on Monday, March 9, 2026, when crude prices dropped significantly.
Brent crude fell nearly 30 per cent, settling at around $93.27 per barrel after traders reacted to signs that tensions might ease.
Dangote Refinery adjusts petrol prices twice
Amid the global price swings, the Dangote Refinery moved quickly to adjust its ex-depot petrol prices.
The Lekki-based refinery reportedly raised its petrol prices twice within a single week in response to changing global market conditions.
The adjustments have sparked fresh tension across the Nigerian fuel market, with retail petrol prices at filling stations edging closer to N1,200 per litre in some locations.
Depot owners release new PMS rates
The impact of the refinery’s price adjustments has been felt across petroleum depots nationwide.
Findings by Legit.ng show that depot prices have jumped by as much as 30 percent, with operators announcing different price points following the increases.
According to data from PetroleumPriceNG, the latest ex-depot petrol prices include:
- Dangote Refinery – N1,175 per litre
- Pinnacle Oil – N1,200 per litre
- Sahara Energy – N1,200 per litre
- Tech Oil – N1,180 per litre
- Integrated Oil – N1,190 per litre
The sharp rise has immediately led to higher pump prices at filling stations and increased transportation costs nationwide.
Analysts warn of prolonged price pressure
Financial analyst Osas Igho explained that crude oil prices are often influenced heavily by geopolitical tensions.
“Crude oil is a political tool for world leaders, and it is highly susceptible to tensions,” Igho said during a phone interview with Legit.ng.
According to him, the longer the Middle East conflict continues, the more pressure it will place on global crude production and energy prices.
He noted that attacks on oil facilities across the Middle East, including in Saudi Arabia and Qatar, have disrupted supply chains and pushed energy prices higher globally, with Nigeria feeling the effects almost immediately.
Hope for relief as Brent prices fall
Despite the recent surge in depot prices, some analysts believe the market may soon stabilise.
Energy policy expert Adeola Yusuf said the recent drop in Brent crude prices could translate into lower petrol prices if the trend continues.
“We will soon see some relief,” Yusuf said.
“Right now, Brent prices have dipped as Donald Trump signalled a desire to push for an end to the conflict soon. If global oil prices continue to fall, we could see petrol prices ease in Nigeria as well.”
For now, however, motorists across the country continue to grapple with rising fuel costs and the knock-on effect on transportation and living expenses.
Source: UGC
Dangote Refinery raises diesel price above N1,000
Legit.ng earlier reported that the Dangote Petroleum Refinery has increased its ex-depot price of Automotive Gas Oil (AGO), also known as diesel, from N880 per litre to N1,050 per litre.
This hike of N170 is expected to influence pricing across private depots and bulk supply chains.
The renewed price pressure in Nigeria’s diesel market is influenced by rising global crude oil prices, largely attributed to the ongoing Middle East conflict and concerns over supply disruptions.
Source: Legit.ng
