Dangote Petrol Price Hits N1,350 Per Litre as Depot Rates Jump by N150

Dangote Petroleum Refinery has raised its petrol gantry price from N1,265 to N1,350 per litre, an N85 increase that has triggered fresh price adjustments across Nigerian depots. Some depot operators raised their rates by as much as N150 per litre.

The refinery has now increased its petrol price four times in less than one month, with the gantry price climbing N185 per litre in about three weeks.

What depots are charging

Data from PetroleumPriceNG showed several depot owners selling Premium Motor Spirit above Dangote Refinery's new N1,350 per litre rate. Techno Oil recorded the largest adjustment, raising its price by N150 to N1,351.50 per litre. Sahara moved to N1,353, Optima offered the product at N1,360, Liquid Bulk priced petrol at N1,350, while Ascon adjusted its rate to N1,353.

The changes indicate marketers are moving quickly to protect themselves against possible losses as global crude oil prices remain above $100 per barrel. Higher depot prices could trigger further adjustments at filling stations, where petrol already sells for between N1,380 and N1,400 per litre in some locations.

Crude oil, not depots, say analysts

Financial expert Osas Igho said the latest increases were largely driven by developments in the international crude oil market rather than decisions by individual depot owners.

"It's not about the depots or Dangote Refinery. Crude oil prices are at their peak since May 2026 and are being worsened by the ongoing standoff between the US and Iran over control of the Strait of Hormuz," Igho said.

He warned the pressure could persist if tensions in the Middle East continue, especially as the Strait of Hormuz remains a critical route for global oil shipments. A prolonged increase in crude oil prices would raise production and import costs, potentially forcing refiners, depot owners and filling stations to review their prices further.

How the price climbed

Dangote Refinery initially raised its gantry price from N1,165 to N1,185 per litre on August 21. It added another N15 on August 26, taking the price to N1,200. Three days later, another N65 increase pushed the rate to N1,265 per litre. The latest N85 adjustment raised the price to a record N1,350.

Overall, the refinery's gantry price has increased by 15.9% from N1,165 to N1,350 per litre within approximately three weeks. A circular issued by Dangote Petroleum Refinery and Petrochemicals also showed its coastal petrol price increased from N1.67 million to approximately N1.78 million per metric tonne.

The federal government is moving to tighten oversight of petrol pricing after filling stations in several parts of the country raised pump prices following the refinery's adjustment. That increase, from N1,265 to N1,350 per litre, represented a rise of N85 or about 6.7%, with the refinery citing higher international crude oil prices.

The series of increases is expected to keep pressure on transportation costs and household budgets as marketers pass higher supply costs to consumers.