Private Depots Announce New Dangote Petrol Prices As Oil Hit $72 Per Barrel
- Petrol prices at Lagos private depots has changed again as competition for customers continue
- The new rate comes as major depot operators battle tightened supply after Dangote gantry sales suspension
- Global crude prices have strengthened this week, with Brent crude climbing above $72 per barrel
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Petrol prices at Lagos depots surged with Dangote-linked petrol now trading at N800 per litre, up from N775 recorded the previous day
Petrolumprice.ng reports that tightened supply and the continued suspension of gantry sales ar Dangote refinery is the reason for the changes
Source: UGC
New petrol prices emerge
Industry checks indicate that the latest price increase is largely being driven by independent marketers.
Those who previously purchased petrol from Dangote at N774 per litre are now reselling at N800, citing supply uncertainty and replacement cost risks.
The adjustment at Dangote aligns with hikes by other major depot operators in Lagos, reflecting mounting supply-side pressures in the downstream market.
Lagos depot prices
As of Thursday, February 19, 2026, depot prices across Lagos were:
- Pinnacle – N803/litre
- Dangote (marketer resale) – N800/litre
- Wosbab – N800/litre
- Rainoil – N800/litre
- Shellplux – N800/litre
The simultaneous price adjustments indicate traders are factoring in short-term supply risks after Dangote suspended gantry loading earlier this week.
Marketers who bought at N774 to N775 have raised resale prices to N800, adding a buffer over concerns that new stock may not be readily available.
Market watchers say the extent of future increases will depend on how quickly Dangote resumes gantry loading operations and whether Calabar and Warri depots return to the market.
Source: Getty Images
What to expect
Depot activity remains cautious, with traders closely monitoring refinery communications. The combination of halted sales, evacuation directives, and resale markups has shifted market sentiment upward.
Industry observers say the next 72 hours will be critical in determining whether the N800 per litre level is temporary or becomes the baseline for another round of price adjustments.
Crude oil prices rise
International oil benchmarks advanced strongly this week, with Brent trading above $72 per barrel and U.S. West Texas Intermediate hovering around $67, their highest levels in roughly six months.
Prices have been further supported by rising tensions between the United States and Iran, which have introduced additional risk sentiment into the crude market.
The US Administration has warned Iran that it would be “very wise” to make a deal as diplomatic efforts and talks continue.
Dangote Refinery production rise
Earlier, Legit.ng reported that the Dangote Petroleum Refinery hade achieved full capacity of 650,000 bpd, marking a milestone in Nigeria's oil sector.
After completing scheduled maintenance on the CDU and MS Block, the refinery launched a rigorous 72-hour performance test in partnership with global licensor UOP.
The test is designed to validate operational efficiency and ensure that critical parameters align with international standards.
Chief Executive Officer David Bird described the outcome as a strong demonstration of engineering excellence and operational discipline.
Source: Legit.ng
