Dangote Refinery-Backed Filling Stations, Others Release New Petrol Prices Nationwide
- Nigerian petrol prices have risen to new highs, causing pressure on households and businesses
- Dangote Refinery raised its depot price, impacting retail costs for motorists
- Falling crude oil prices have failed to guarantee cheaper petrol due to local refining and logistics factors
PAY ATTENTION: Find it fast with our new search feature at Legit.ng!
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigerian motorists are facing another petrol price increase after MRS and Dangote-backed filling stations raised their pump price to N1,310 per litre in Lagos and surrounding areas.
The latest increase represents a sharp rise from about N1,205 per litre, adding fresh pressure to households, transport operators and businesses already battling elevated operating costs.
Source: UGC
Other filling stations also adjusted their prices, with several marketers selling petrol for between N1,315 and above N1,400 per litre, compared with levels below N1,270 previously.
Dangote Refinery raises depot price
The pump price increases followed a reported adjustment by the Dangote Refinery, which raised its petrol price by N65, from N1,200 to N1,265 per litre.
The refinery's pricing decision has quickly filtered through the downstream market, with marketers adjusting their retail prices to reflect higher acquisition costs and other expenses.
The latest development highlights how increasingly important domestic supply and refining economics have become in determining petrol prices in Nigeria.
Petrol prices diverge from crude oil
The latest increase is particularly striking because international crude oil prices have moved in the opposite direction.
Brent crude was reported at around $88.10 per barrel, while West Texas Intermediate stood at approximately $83.40 per barrel, with both benchmarks recording declines.
The OPEC Basket, however, was reported at $87.31 per barrel, while Murban crude rose to $95.75 and the Indian Basket climbed to $89.52.
The contrasting movements underline an important reality: falling crude prices do not automatically translate into cheaper petrol at Nigerian filling stations.
Depot prices remain elevated
Domestic depot prices have remained relatively high across several regions.
The Daily Depot Price Intelligence Report showed Warri recording PMS at as much as N1,217 per litre, followed by Port Harcourt at N1,214, Calabar at N1,204 and Lagos at N1,202.
In Warri, Liquid Bulk sold at N1,215 per litre, Masters at N1,210, Matrix at N1,217, Sigmund at N1,215 and T.S.L at N1,215.
In Lagos, Aiteo was listed at N1,200, while Dangote's depot price was reported at N1,260 per litre.
Why pump prices are not falling
Crude oil is only one component of the final price motorists pay.
Other factors include refining margins, exchange rates, product availability, transportation, marine logistics, storage, depot charges, financing costs, taxes and marketers' margins.
Consequently, a decline in global crude prices may take time to filter through the domestic petroleum market, particularly when other costs remain elevated.
What it means for Nigerians
Higher petrol prices could have broader consequences for the Nigerian economy.
Transport operators may face increased running costs, while logistics companies could pass higher expenses to customers. Food distributors may also face additional transportation costs, potentially adding pressure to already elevated consumer prices.
Source: UGC
However, expanding domestic refining capacity could eventually strengthen competition among suppliers and give motorists more pricing options.
For now, the latest price movement suggests Nigeria's petrol market is increasingly shaped by local refining, depot prices, supply conditions, logistics, and market competition, rather than international crude prices alone.
NNPC releases new petrol prices
Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPCL) has raised its Premium Motor Spirit (PMS) pump price again, even as Dangote Refinery expands its free petrol delivery scheme and global crude prices continue to slide.
A market survey conducted on Tuesday, August 25, 2026, during the Eid-ul-Mawlid public holiday, found that NNPCL retail outlets in Abuja and its environs now sell petrol at N1,270 per litre, up from N1,250, a N20 increase.
Source: Legit.ng
