Dangote Petroleum Refinery raises ex-depot petrol price to N874, signalling nationwide pump prices could reach N1,000 per litre amid global crude volatility

Retail petrol prices in Nigeria may soon rise to between N980 and above N1,000 per litre following an upward review of the gantry price by the Dangote Petroleum Refinery.

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Industry sources report that the refinery increased its ex-depot price from N774 to N874 per litre, a move largely attributed to rising global crude oil prices and heightened volatility in international energy markets.

Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed that the gantry price adjustment would inevitably reflect at retail outlets nationwide.

He noted that location, transportation costs, and other logistics considerations would influence the final pump price.

The revision follows a brief suspension of petrol loading operations at the refinery on 2 March 2026 after crude prices surged above $80 per barrel.

Diesel supply, however, continued uninterrupted.

Geopolitical tensions involving the United States, Israel, and Iran have rattled global oil markets, raising concerns over potential disruptions around the Strait of Hormuz, a key transport corridor for roughly 20–21 million barrels of crude and petroleum products daily.

Rising war-risk insurance premiums and suspended shipping activity have contributed to higher replacement costs for petroleum products.

Industry analysts warn that if Brent crude climbs beyond $90 per barrel, Nigeria could see further increases in petrol and diesel prices despite expanding domestic refining capacity.

Dangote Petroleum Refinery currently produces about 650,000 barrels of refined products daily, with output expected to expand in the coming years.

The refinery is part of the Dangote Group’s broader industrial push, which includes electricity generation, steel production, and port infrastructure, aimed at accelerating Africa’s industrialisation and boosting domestic energy security.

Aliko Dangote, President of the Dangote Group, emphasised that refining is only one component of a wider strategy to industrialise the continent, noting that reliable electricity remains crucial for manufacturing growth and economic transformation.

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Despite increased domestic refining, analysts say Nigeria’s fuel market remains vulnerable to global shocks, with consumers likely to face further pump price adjustments in the weeks ahead.