No More N1,350/Litre Depot Owners Hike Petrol Prices Above Dangote Refinery's Rate
- Dangote Refinery’s petrol price rose to N1,350 per litre, triggering fresh increases across Nigerian fuel depots
- Depot operators raised petrol prices by as much as N150 per litre as crude oil surpassed $100 per barrel
- Four price increases in three weeks could push filling station prices higher, worsening transport costs and household pressure
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Petrol depot prices have surged across Nigeria following another major price adjustment by the Dangote Petroleum Refinery, increasing pressure on filling stations and motorists.
Checks by Legit.ng showed that some leading depot operators raised their petrol prices by as much as N150 per litre. The increases followed Dangote Refinery’s decision to raise its gantry price from N1,265 to N1,350 per litre.
Source: Getty Images
The latest adjustment represents an N85 increase, while the refinery’s petrol price has climbed by N185 per litre in about three weeks.
Depot owners announce higher prices
Data obtained from PetroleumPriceNG showed that several depot owners were already selling Premium Motor Spirit above Dangote Refinery’s new N1,350 per litre rate.
Techno Oil recorded the largest adjustment, increasing its price by N150 to N1,351.50 per litre. Sahara raised its petrol price to N1,353, while Optima offered the product at N1,360 per litre.
Liquid Bulk priced petrol at N1,350 per litre, while Ascon adjusted its rate to N1,353.
The changes indicate that marketers are moving quickly to protect themselves against possible losses as global crude oil prices remain above $100 per barrel.
Higher depot prices could also trigger further adjustments at filling stations, where petrol is already selling for between N1,380 and N1,400 per litre in some locations.
Expert links increase to crude oil market
Financial expert Osas Igho said the latest petrol price increases were largely driven by developments in the international crude oil market rather than decisions by individual depot owners.
“It’s not about the depots or Dangote Refinery. Crude oil prices are at their peak since May 2026 and are being worsened by the ongoing standoff between the US and Iran over control of the Strait of Hormuz,” Igho told Legit.ng.
He warned that the pressure could persist if tensions in the Middle East continue, especially as the Strait of Hormuz remains a critical route for global oil shipments.
A prolonged increase in crude oil prices would raise production and import costs, potentially forcing refiners, depot owners and filling stations to review their prices further.
Dangote raises petrol price four times
Dangote Refinery has increased its petrol gantry price four times in less than one month.
The refinery initially raised the price from N1,165 to N1,185 per litre on August 21. It added another N15 on August 26, taking the price to N1,200.
Three days later, another N65 increase pushed the rate to N1,265 per litre. The latest N85 adjustment raised the price to a record N1,350.
Source: Getty Images
Overall, the refinery’s gantry price has increased by 15.9% from N1,165 to N1,350 per litre within approximately three weeks.
A circular issued by Dangote Petroleum Refinery and Petrochemicals also showed that its coastal petrol price increased from N1.67 million to approximately N1.78 million per metric tonne.
The series of increases is expected to keep pressure on transportation costs and household budgets as marketers pass higher supply costs to consumers.
FG to probe high petrol prices in Nigeria
Legit.ng earlier reported that Nigeria's federal government is moving to tighten oversight of petrol pricing after filling stations in several parts of the country raised pump prices following a price adjustment by Dangote Petroleum Refinery.
The refinery increased its Premium Motor Spirit ex-gantry price from N1,265 to N1,350 per litre, a rise of N85 or about 6.7%, citing higher international crude oil prices.
Source: Legit.ng
