Dangote Refinery petrol price increase to N1,175 per litre forces depot owners to halt sales as rising global crude prices push up refining costs

Dangote Petroleum Refinery has restored its ex-depot price of Premium Motor Spirit to N1,175 per litre, a move that prompted depot owners across several fuel distribution hubs to temporarily suspend sales.

Also read: Dangote refinery dominates Nigeria petrol supply as imports pause

The Dangote Refinery petrol price increase followed an earlier reduction announced on March 10, 2026, when the refinery cut the petrol gantry price by N100 to N1,075 per litre from the previous N1,175.

Industry sources said depot operators halted transactions shortly after the refinery announced the latest upward revision, as market participants moved to reassess inventory and pricing strategies.

Before the adjustment, depot owners had begun selling the product at an average price of about N1,100 per litre after the earlier reduction triggered a brief drop in wholesale fuel prices.

Sources within the downstream sector also confirmed that loading operations at the refinery were temporarily suspended to allow stock reconciliation and ensure alignment between available inventory and the new pricing structure.

A source familiar with the development said the pricing decision was influenced by rising international crude oil prices, which have significantly increased refining costs.

Benchmark Brent Crude prices have climbed from about 91 dollars per barrel to roughly 100 dollars per barrel in recent days, raising feedstock costs for refiners.

Market participants noted that pricing decisions by the Dangote refinery often serve as a powerful signal for Nigeria’s downstream petroleum market, shaping wholesale prices across major depots nationwide.

Also read: Dangote Refinery purchases Nigerian crude at global market rates — CEO

Analysts expect the latest adjustment to influence pricing strategies among fuel marketers and depot operators as they respond to the evolving global oil market.