Petrol Depot Prices Hit N1,275 Per Litre as Loading Resumes Across Nigeria
By Aboki Forex —
Fuel marketers have resumed loading petrol and diesel from private depots across Nigeria after nearly a week of disruptions caused by price adjustments. Depot prices in Lagos climbed to N1,275 per litre on Tuesday, July 22, 2026, as the Dangote refinery's dollar-pricing policy continued to drive market uncertainty.
Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the resumption on Tuesday. He said private depots had restarted selling petroleum products to marketers and that fears of an impending fuel scarcity were unfounded.
Why Loading Stopped and What Has Changed
Ukadike explained that depot owners had paused loading operations to recalibrate their prices and collect top-up payments from marketers who had purchased products before the latest price increase. He noted that unlike when prices drop, depot owners do not refund marketers for products already paid for at higher rates.
“Marketers have started loading in other depots. You know, once there is a price change, they will stop and take their stock, then reset their prices around the rest of them. What we call top-up is the differential of the former price, so they can buy at the current price. These are the exercises that are ongoing. And once they are ongoing, you cannot load,” he said.
Petrol loading prices at major private depots in Lagos climbed by N25 per litre on Tuesday, July 21, 2026, with marketers paying up to N1,275 per litre. Nine depots, including African Terminal, ASCON, Gulf Treasure, Integrated, Matrix, NIPCO, Pinnacle, Sahara and T.Time, all moved from N1,250 to N1,275 per litre.
Mixed Price Movements in Port Harcourt, Calabar and Warri
Price movements were mixed elsewhere. In Port Harcourt, Bulk Strategic and Masters held petrol at N1,265 per litre, while Liquid Bulk trimmed its price by N3 to N1,265 per litre and Matrix cut its rate by N15 to the same level. In Calabar, Hong Petroleum dropped its price by N15 to N1,255 per litre, while Sobaz raised its loading price by N10 to N1,265 per litre. In Warri, Optima and Rain Oil both sold at N1,270 per litre.
Diesel prices also edged up at several locations. In Lagos, African Terminal, Duport, Gulf Treasure, Ibachem and Wosbab each raised diesel prices by N10 to N1,600 per litre. In Port Harcourt, Sigmund pushed its diesel rate up by N5 to N1,620 per litre, while in Warri, Prudent raised diesel by N10 to N1,610 per litre.
Dangote Refinery Dollar Pricing Still Unclear for Gantry Loaders
The Dangote Petroleum Refinery has reportedly increased its petrol price to $1,161.23 per metric tonne, a significant jump from its previous rate, as the Lagos refinery continues its shift to dollar-denominated transactions with marketers. Ukadike said he could not confirm whether marketers loading from the refinery's gantry in Lekki, Lagos, had started paying in dollars.
“I know that Dangote has fixed its price in dollars, but no marketer has ever informed me that they have paid in dollars, especially those loading from the gantry. But for offshore loading or coastal loading, I can assure you that it will be paid in dollars. But for gantry loading, I don't know,” he said.
The refinery's shift to dollar-denominated sales of Premium Motor Spirit, Automotive Gas Oil and Aviation Turbine Kerosene has pushed up replacement costs for marketers. This shift reacted across the supply chain, compelling private depots in Lagos, Warri, Port Harcourt and Calabar to update their loading prices accordingly.
For Nigerian consumers and businesses, the continued rise in depot prices signals that pump prices at filling stations are likely to increase further in the coming days, adding pressure on household budgets and operating costs across the economy.