Depot Owners Suspend Sales as Dangote Refinery Raises Petrol Price Again, New Rates Emerge
- Dangote Petroleum Refinery has restored its petrol ex-depot price to N1,175 per litre
- Depot owners temporarily suspended sales to prevent losses after the price adjustment
- Loading operations at the refinery were paused to reconcile stock and align with the new pricing
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 restored the ex-depot price of Premium Motor Spirit (petrol) to N1,175 per litre, prompting depot operators in several locations to temporarily halt product sales.
According to a report by Petroleumprice.ng, the adjustment followed an earlier price reduction introduced by the refinery earlier in the week.
Source: Getty Images
Earlier price cut reversed
On March 10, 2026, the refinery lowered the ex-depot price of petrol by N100, bringing it down to N1,075 per litrefrom N1,175 per litre.
Following the reduction, depot owners reportedly began selling the product at an average price of around N1,100 per litre.
However, after the refinery reversed the price back to N1,175 per litre, several depot operators suspended sales to avoid potential losses linked to inventory acquired at lower replacement costs.
Loading operations temporarily paused
Sources also indicated that product loading activities at the refinery were temporarily suspended.
The pause, according to insiders, was meant to allow for stock reconciliation and ensure alignment with the newly adjusted pricing structure.
Rising crude oil prices behind adjustment
A source within the refinery explained that the upward price revision was largely influenced by developments in the global oil market.
The price of Brent Crude reportedly rose from about $91 per barrel to $100 per barrel, increasing refining costs.
Despite being located in Nigeria, the refinery sources crude at prices linked to international benchmarks, meaning fluctuations in global crude oil markets directly affect its operational costs.
Market uncertainty in downstream sector
The frequent price adjustments have introduced a degree of uncertainty within Nigeria’s downstream petroleum market.
Marketers and consumers closely watch ex-depot pricing because changes at this level often influence pump prices at filling stations across the country.
Industry observers say further adjustments could occur depending on movements in the global crude oil market.
Source: Getty Images
Dangote Refinery commences supply to 10 depots
In another related news, the Dangote refinery has started distributing petrol supply to depots, including Bovas, AYM Shafa, among others.
Fresh vessel activities were reported between March 7 and March 11, featuring multiple tankers carrying petrol, Jet A1, and Automotive Gas Oil (AGO) across Lagos, Port Harcourt, and Warri distribution corridors.
Tanker movements across Lekki, Apapa, Ibafon, and Warri jetties show that fuel deliveries to depots are continuing through marine transport. Some of the shipments were loaded at the Dangote Refinery in Lekki, highlighting the refinery’s growing role in distributing refined fuel across Nigeria.
Dangote explains why fuel prices may remain high
Legit.ng earlier reported that the managing director and chief executive officer of the Dangote Refinery, David Bird, has said petrol prices may not decline even as the refinery operates at full capacity, citing volatility in global oil markets and rising supply chain costs.
Bird explained that the refinery operates within the international commodities market, which directly influences the cost of crude oil and refined products.
According to him, the refinery purchases crude oil at global benchmark prices, including crude sourced locally under the crude-for-naira programme.
Source: Legit.ng
