Dangote Raises Petrol Price, Depot Owners React, Announce New Rates
- Dangote Petroleum Refinery raised its petrol gantry price to N1,300 per litre ahead of a new fixed-naira pricing arrangement
- The refinery suspended loading and also set its coastal petrol price at N1,676,250 per metric tonne under the revised framework
- Several Nigerian depots are selling petrol below Dangote's new gantry rate, with a N35 gap between the cheapest and most expensive depot prices
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Dangote Petroleum Refinery raised its petrol gantry price to N1,300 per litre on Tuesday, November 3, 2026, from the previous rate of N1,215.
The latest increase reverses its two previous price adjustments, during which the refinery reduced its petrol price twice.
Source: Getty Images
Petroluemprice.ng reports that the refinery has also set its coastal lifting price at N1,676,250 per metric tonne. A notice sent to its customers stated that the new prices would apply to all petrol loaded from 12:00 a.m. on November 3.
Fuel Importers in Nigeria have begun adjusting their depot rates to attract customers.
Depot prices show wide variation
Despite the refinery's new gantry rate, a review of the latest depot price list shows that several operators are selling below Dangote's price.
Masters offered the lowest price at N1,283 per litre, followed by Bulk Strategic at N1,284. Aiteo, Nipco and Rain Oil each quoted N1,290, while A.A Rano sold at N1,293.
African Terminal, Ascon and Integrated listed petrol at N1,295 per litre. A.Y.M Shafa, Matrix, Parker, Wosbab, Stockgap and T.S.L all quoted N1,300.
Dangote's own depot rate stood at N1,302, while Pinnacle offered N1,305. MRS quoted N1,310, while Northwest and Soroman recorded the highest prices on the list at N1,318 each.
The difference between the cheapest and most expensive depot prices is N35 per litre, reflecting competition among fuel suppliers as the refinery implements its new pricing terms.
Source: Getty Images
What this means for consumers
The fixed-naira pricing arrangement is expected to influence how petrol transactions are conducted going forward. However, the differences in depot rates suggest that the market has yet to settle on a uniform price.
Consumers may continue to experience varying pump prices as filling station operators factor transportation and operating costs into their retail rates.
If the competition continues, it will only be a matter of time before fuel prices change at filling stations again.
Depot owners cut diesel prices below Dangote’s new rate
Earlier, Legit.ng reported that Depot owners in Lagos have cut diesel prices below Dangote Petroleum Refinery’s new gantry rate of N1,840 per litre, less than 24 hours after the refinery announced a price increase.
The latest adjustments highlight intensifying competition among suppliers in Nigeria’s downstream petroleum market, with several depots offering Automotive Gas Oil (AGO), commonly known as diesel, at lower rates than the refinery.
Duport, Ibachem and Ibeto priced diesel at N1,825 per litre.
Source: Legit.ng
