Petrol Nears N1,500 per Litre as Crude Tops $100 and Dangote Raises Ex-Depot Price

Petrol prices are climbing toward N1,500 per litre in parts of Nigeria after crude oil rose above $100 per barrel, pushing up production and import costs across the downstream market.

The increases are already showing at filling stations in Abuja, Lagos and other cities, following a recent adjustment by Dangote Petroleum Refinery, which raised its ex-depot petrol price to N1,350 per litre.

What motorists are paying

Brent crude, the benchmark against which Nigeria's oil exports are priced, settled at $106.37 per barrel on Tuesday, while West Texas Intermediate rose to $102.90.

Motorists in Abuja are paying around N1,400 per litre at some stations. Prices in Lagos hover around N1,350, depending on the marketer and location.

Price checks showed FVB selling petrol at N1,350 per litre, while TotalEnergies' Apapa station quoted N1,310 as of September 13.

Diesel remains elevated. Northwest Petroleum's Mega Station and Eterna Filling Station sold automotive gas oil at about N1,890 per litre.

The refinery had earlier raised its Premium Motor Spirit ex-gantry price from N1,265 to N1,350 per litre, a rise of N85, or about 6.7%, citing higher international crude oil prices.

Businesses count the cost

Higher fuel prices hit Nigerian companies twice. Transport costs rise, and so does the cost of running generators because grid electricity remains unreliable.

Nigerian Exchange Group data showed several major listed companies recorded sharply higher energy costs during the first half of 2026. BUA Cement spent about N135.5 billion on energy between January and June, six per cent higher than the corresponding period of 2025.

Kelvin Okechukwu, chief executive of a hospitality company, said diesel accounts for about half of his company's expenses. Hotels without solar installations face an even heavier burden.

Manufacturers are also spending heavily to keep factories running. According to Manufacturers Association of Nigeria Director-General Segun Ajayi-Kadir, manufacturers spent approximately N1.34 trillion on alternative energy in 2025, up from N1.11 trillion in 2024. The money went largely into diesel, gas and petrol as companies sought alternatives to unreliable grid electricity.

Hospitality, manufacturing and food businesses are particularly exposed because many cannot cut electricity consumption without disrupting operations.

Pressure on households

For consumers, the risk is that businesses pass on much of the extra cost through higher prices. Transport fares and commodity prices could rise if energy costs keep climbing.

With Brent crude approaching $110 per barrel, another sustained rally in international oil prices could keep pressure on Nigeria's petrol market. Motorists, manufacturers and households may have to brace for further increases.

The federal government has moved to tighten oversight of petrol pricing after filling stations in several parts of the country raised pump prices following the Dangote refinery adjustment.