Dangote Refinery resumes petrol loading in Naira at N1,215 per litre
Prices Adjusted as Refinery Resumes Operations
By Udeme Akpan, Energy Editor
Dangote Petroleum Refinery has reinstated the gantry loading of Premium Motor Spirit (PMS), commonly referred to as petrol, in naira following a week-long suspension that raised concerns in the downstream sector over a temporary shift to dollar-denominated sales.
Market checks indicate that the refinery has established a new ex-depot price of N1,215 per litre, marking an increase of N140 per litre, or 13.02 percent, from the previous rate of N1,075 per litre. This adjustment is attributed to a significant rise in global crude oil prices, which has escalated the costs of producing refined petroleum products including petrol, diesel, and aviation fuel. This trend has heightened anxieties regarding further fuel price hikes in Nigeria and other countries reliant on oil imports.
As of Wednesday, Brent crude, the international standard for oil pricing, surged 3.18 percent to $93.90 per barrel, while West Texas Intermediate (WTI) increased by 2.74 percent to $86.65 per barrel.
Domestically, petrol prices have already soared in response to increased ex-depot prices by major suppliers, leading to fears of additional pump price hikes at fuel stations.
The resumption of naira-denominated loading is anticipated to facilitate improved product availability following supply interruptions caused by the recent suspension.
Industry sources have confirmed that marketers have been notified of the reinstated gantry operations, which are set to begin without delay under the new naira pricing structure. This return to naira transactions follows a period of uncertainty within the downstream petroleum market that led many independent marketers to seek products from private depots.
Before the suspension, Dangote Refinery cited difficulties in securing a consistent supply of crude oil through the Federal Government’s naira-for-crude initiative as a reason for its temporary switch to dollar sales.
The decision to revert to naira pricing is expected to alleviate supply shortages in the inland market and enhance the nationwide distribution of petroleum products.
Additionally, petrol prices at depots across Nigeria saw new increases on Wednesday, while diesel prices surged in several areas, indicating renewed cost pressures for fuel marketers and transport operators.
Data from July 22, 2026, revealed that petrol depot prices climbed at major supply hubs, including Lagos, Port Harcourt, Warri, and Calabar, with some locations increasing rates by as much as N87 per litre. The most significant rise occurred at Bulk Strategic Reserve in Lagos, where the ex-depot price escalated by N87 per litre to N1,350 from N1,263.
This price increase positions the depot among the highest-priced suppliers nationwide and could potentially influence retail pump prices if maintained.
Other depots in Lagos reported smaller increases, with Liquid Bulk, Masters Energy, Matrix, and Sigmund raising petrol prices by N15 to N17 per litre, resulting in new rates of N1,280. The company TSL has not yet updated its price.
Meanwhile, recent increases in petrol pump prices have pushed averages to N1,350 per litre, up from N1,260 per litre across filling stations in Lagos and its surrounding areas. This surge raises concerns about the rising cost of living, impacting transportation, food, and business expenses for millions of Nigerians.
Several retail outlets have adjusted their pump prices to range between N1,300 and N1,400 per litre following the rise in ex-depot prices, marking the highest fuel costs seen in recent months.
