Dangote Raises Petrol Price to N1,181 per Litre, Private Depots Follow at N1,200 Average

Dangote Refinery has increased its ex-gantry petrol price by N15.50, from N1,150 to N1,181 per litre, pushing rates to a new high as global crude prices climb. Private depot operators quickly followed, raising their prices to an average of N1,200 per litre as of Tuesday, August 11, 2026.

Why Dangote adjusted prices

The 700,000 barrels per day refinery made the adjustment as international crude oil prices approach $90 per barrel, amid growing concerns over global energy supply. Analysts say the move could be a defensive response to higher crude acquisition and operating costs, especially as tensions involving the United States and Iran escalate around tanker traffic through the Strait of Hormuz.

Private depots respond

Data from PetroleumPriceNG shows depot petrol prices rose by nearly three per cent as of August 11, 2026. Soroman recorded one of the sharpest increases, raising its petrol price by N50 to N1,250 per litre. NIPCO increased its rate to N1,200 per litre. Integrated raised its price by N25 to N1,200 per litre, while PIVOT increased its rate by N32 to N1,200 per litre.

These adjustments push average depot prices to around N1,200 per litre, adding fresh pressure on marketers and retailers.

Pump prices and energy expert warning

Major filling stations, including Dangote-backed MRS, continue to sell petrol at prices ranging from about N1,240 to N1,260 per litre in some locations. The depot level increase could eventually translate into higher pump prices if crude remains elevated and transportation and logistics costs keep rising.

Energy policy expert Adeola Yusuf said consumers should closely monitor developments in the international oil market, warning that prolonged tensions around the Strait of Hormuz could trigger further increases. "The situation remains fluid, and Nigerians should watch out for more increases in the coming days," Yusuf said.

Impact on Nigerians

For motorists and households already dealing with elevated living costs, another petrol price increase could raise transportation and logistics expenses, potentially pushing up the prices of food, goods and essential services. As of 6:29 a.m. WAT on August 11, 2026, Brent crude was trading at $88.04 per barrel, up 0.36 per cent, while West Texas Intermediate rose 0.45 per cent to $82.50.