Dangote Increases Petrol Prices by Over N500 in 3 Months
- Dangote Refinery has increased its petrol prices in the first quarter of 2026 by over N500
- Checks show that the rates were adjusted nine times in response to volatile market conditions
- Analysts say the pricing reflects a deregulated market model driven by crude cost and exchange rate
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 Petroluem Refinery has increased the price of premium motor spirit (petrol) by N501 in the first quarter of 2026 as it responded to shifting global and domestic conditions.
Source: Getty Images
New petrol prices
Data tracked by the petroleumprice.ng shows that between January and March, the refinery revised petrol prices nine times, out of which six were increases, and three were decreases.
The refinery increased its ex-depot petrol price from N699, where it opened the year, to N1,200 by March 26, 2026, reflecting a 71.67% increase.
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The first increase in 2026 was announced on January 27, as ex-depot petrol prices rose from N699 to N799 per litre, marking the beginning of multiple adjustments in the quarter.
The refinery eased slightly to N1,200 by March 26.
Also, by mid-February, the refinery cut prices by N25 to N774 per litre in a move seen by analysts as an effort to maintain market share amid softer crude prices around $70 per barrel.
Source: Getty Images
Prices surged in March
On March 3, Dangote petrol price rose to N874 per litre as Brent crude crossed $80 per barrel, followed by a rapid sequence of increases to N995 and N1,175 within days, reflecting higher replacement costs and import parity pressures.
A brief reduction was announced on March 10, which saw prices fall by N100 after crude dipped below $100 per barrel, but the relief was short-lived.
Petrol price increased again to N1,175 by March 13 and climbed further to N1,275 on March 21 as crude oil rose to above $110 per barrel amid escalating geopolitical tensions, including disruptions around key shipping routes such as the Strait of Hormuz.
The final adjustment was on March 26, which brought prices down to N1,200 per litre.
Analysts say the pricing pattern highlights a market-driven model anchored on crude oil volatility, supply disruptions, and competition within Nigeria’s deregulated fuel market.
The nine times Dangote refinery adjusted petrol prices in Q1
- January 27: N699 to N799 (+N100) Increase
- February 10: N799 to N774 (-N25) Decrease
- March 3: N774 to N874 (+N100) Increase
- March 6: N874 to N995 (+N121) Increase
- March 9: N995 to N1,175 (+N180) Increase
- March 10: N1,175 to N1,075 (-N100) Decrease
- March 13: N1,075 to N1,175 (+N100) Increase
- March 21: N1,175 to N1,275 (+N100) Increase
- March 26: N1,275 to N1,200 (-N75) Decrease
NNPC petrol prices
Legit.ng earlier reported that Nigerian National Petroleum Company Limited (NNPCL) retail outlets have reduced its peol prices.
The changes come three days after Dangote Refinery reduced its petrol gantry price by N85 to N1,200 per litre from N1,285.
Petrol is now selling at N1,255 per litre, down from N1,330, representing a reduction of N75.
While the state-owned oil firm’s filling stations in Abuja reduced their prices to N1,295 per litre from N1,361, this means that NNPCL retail outlets cut petrol prices by N71 per litre in Abuja.
A pump attendant, Kunle Ademola, at the Egbeda area of Lagos, confirmed that there is a price reduction.
Source: Legit.ng
