Dangote Refinery Hikes Petrol Price by N75, Nigerians Brace for Fresh Cost Surge
- The Dangote Refinery has raised the ex-depot price of petrol to N1,350 per litre, an increase of N75 from the previous rate
- This marks the second price hike within a week, driven by supply constraints, rising costs, and global oil price pressures
- The increase is expected to lead to higher fuel pump prices nationwide, adding to the cost of living for Nigerians
CHECK OUT: How to Start Earning with Copywriting in Just 7 Days – Even if You’re a Complete Beginner
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Dangote Refinery has increased the ex-depot price of Premium Motor Spirit (petrol) to N1,350 per litre. This marks a N75 jump from the previous price of N1,275 per litre.
The change was confirmed on Wednesday. May 6, 2026, by a senior refinery official and data from Petroleumprice.ng.
Source: Getty Images
According to insiders, the new price has already been applied at all loading points, prompting fuel marketers to quickly revise their own prices.
The adjustment reflects ongoing pressure from supply challenges and rising operational costs, rather than being a one-off decision.
Recall that the situation in the Middle East had disrupted global oil supply, pushing crude oil prices upward.
Adding to the pressure, the United Arab Emirates recently exited the Organisation of the Petroleum Exporting Countries (OPEC), further unsettling the oil market. Within days, Brent crude rose sharply, far above $100.
Supply pressures and market realities
Industry sources say the increase is tied to a mix of factors, including tighter fuel supply, rising logistics expenses, and global crude oil price movements.
Earlier in the week, the temporary suspension of pro forma invoices (PFI) reportedly reduced product availability, further pushing prices upward.
One official explained that once supply tightens and costs increase across the chain, depot prices are almost certain to rise.
This latest hike follows another recent increase from N1,200 to N1,275 per litre, making it the second N75 rise within just seven days.
Impact on Nigerians and the economy
Despite these increases, a senior executive within the Dangote Group has said the refinery has been absorbing some costs by subsidising petrol and diesel for the local market.
Still, frequent price changes highlight how sensitive Nigeria’s fuel market remains to both local and international factors, even as domestic refining begins to reduce reliance on imports.
The latest hike is expected to push pump prices higher nationwide, as marketers pass the added costs on to consumers.
For many Nigerians, this means higher transport fares and increased prices for goods and services, adding more strain to already rising living expenses.
Source: Getty Images
NNPC hikes petrol prices in filling stations
Meanwhile, Legit.ng earlier reported that the NNPC increased petrol prices to N1,320 per litre in Lagos and N1,364 per litre in Abuja due to rising supply costs.
Other marketers, including MRS Oil Nigeria Plc and BOVAS Group, have also raised their prices to around N1,365–N1,370 per litre.
The hike follows a price increase by Dangote Refinery, driven by higher global crude oil prices above $115 per barrel.
Source: Legit.ng
