Marketers Sell Petrol Above Dangote Rate as Depot Prices Hit N1,360

Oil marketers are selling petrol above Dangote Petroleum Refinery’s depot rate, with the highest listed price at N1,360 per litre. Dangote Refinery’s petrol price stood at N1,344 per litre on Tuesday, October 20, 2026, up from N1,320.

Depot prices across the listed markets ranged from N1,344 to N1,360 per litre. The N16 gap between the lowest and highest listed prices means marketers buying at the top end face a higher acquisition cost before transport and other operating expenses.

Matrix, Mainland, Pivot, Soroman quote above Dangote

Matrix recorded the highest listed price at N1,360 per litre, N16 above Dangote’s N1,344 rate. Mainland, Pivot and Soroman listed petrol at N1,358 per litre, a N14 difference from Dangote’s rate.

The supplied PMS price list also showed Matrix at N1,352 per litre. Pinnacle matched Dangote at N1,344 per litre, the lowest rate in the list.

Depot price snapshot

Mainland: N1,358 per litre. Matrix: N1,360 per litre. Pivot: N1,358 per litre. Soroman: N1,358 per litre. Dangote: N1,344 per litre. Pinnacle: N1,344 per litre. MRS: N1,346 per litre. Bulk Strategic: N1,346 per litre. Masters: N1,346 per litre. T.S.L: N1,346 per litre. Wosbab: N1,348 per litre. Optima: N1,350 per litre. Parker: N1,350 per litre. Rain Oil: N1,350 per litre. Matrix: N1,352 per litre.

Crude price pressure

The price variations come as renewed pressure in the international oil market raises concerns about supply disruptions. Brent crude prices are currently above $122 per barrel, a key factor for oil importers and the wider petroleum market.

Higher international crude prices can raise the cost of sourcing petroleum products, especially imported fuel. Shipping expenses, foreign exchange movements, refining costs and distribution charges can also influence depot prices.

Changes in crude oil prices do not automatically translate into immediate increases in Nigerian petrol prices. The effect depends on procurement costs, product availability, exchange rates and individual suppliers’ pricing decisions.

Dangote reacts to import claims

Dangote Refinery claimed it had identified those behind allegations that it imported petrol into Nigeria. The company said the claims were misleading and intended to discredit Nigeria’s efforts to boost domestic refining. It said it would reveal the identities of those involved and their motives at a later date, and planned to take legal action.

For marketers, the N16 spread between the lowest and highest depot prices adds to working capital pressure at a time when crude and exchange rate movements are already affecting fuel procurement costs.