Petrol Price Jumps to ₦1,175 as Dangote Refinery Reverses Recent Cut

The Dangote Petroleum Refinery has raised its ex-depot petrol price to ₦1,175 per litre, reversing a recent reduction and causing depot operators across Nigeria to pause sales.

Sources at the refinery confirmed on Friday that the new price comes just days after the company reduced the ex-depot rate by ₦100 to ₦1,075 per litre on March 10, 2026 — a move that had sparked heavy buying from fuel depot operators.

During that brief period of lower pricing, many depot operators sold petrol at an average of ₦1,100 per litre.

However, the latest price increase has forced operators to temporarily suspend transactions while they review their stock positions and adjust retail prices.

Loading operations at the refinery have also been put on hold for now as officials reconcile inventories and align distribution with the updated price regime.

The adjustment follows a sharp increase in international oil prices, with Brent crude rising from $91 to $100 per barrel, significantly increasing refining costs.

The refinery has been adjusting petrol prices frequently in recent weeks as global energy markets fluctuate.

Much of the volatility has been linked to the ongoing Middle East conflict involving the United States, Iran and Israel.

Before the short-lived March 10 price cut, the refinery had already raised petrol prices three times in succession due to rising crude oil costs.

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