Dangote Refinery Resumes Naira Petrol Sales, Raises Ex-Depot Price to ₦1,215 Per Litre

Dangote Refinery Resumes Naira Petrol Sales, Raises Ex-Depot Price to ₦1,215 Per Litre

  • Business
  • July 23, 2026
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Dangote Petroleum Refinery has resumed the gantry loading of Premium Motor Spirit (PMS), commonly known as petrol, in naira, ending a week-long suspension that created uncertainty in Nigeria's downstream petroleum sector.

The refinery has fixed a new ex-depot (gantry) price of ₦1,215 per litre, representing an increase of ₦140, or 13.02 per cent, from its previous price of ₦1,075 per litre.

The upward price adjustment comes amid a sharp rise in global crude oil prices, which has significantly increased the cost of refining petroleum products, including petrol, diesel and aviation fuel.

As of Wednesday, Brent crude climbed 3.18 per cent to $93.90 per barrel, while West Texas Intermediate (WTI) rose 2.74 per cent to $86.65 per barrel, adding further pressure to fuel prices both in Nigeria and across international markets.

The refinery's return to naira-denominated sales is expected to improve product availability after supply disruptions caused by the temporary suspension, which forced many independent marketers to source products from private depots at higher costs.

Industry sources confirmed that marketers have been notified of the resumption of truck loading under the revised naira pricing structure, with operations expected to commence immediately.

Dangote Refinery had earlier suspended naira sales, citing difficulties in securing sufficient crude oil supplies under the Federal Government's naira-for-crude initiative. The situation prompted a temporary shift to dollar-denominated transactions before the latest reversal.

The resumption of naira sales is expected to ease supply constraints in the inland market and support improved nationwide distribution of petroleum products.

Meanwhile, petroleum depot prices continued to rise across major supply hubs on Wednesday, reflecting mounting cost pressures in the downstream sector.

Market data for July 22, 2026, showed petrol prices increasing across depots in Lagos, Port Harcourt, Warri and Calabar, with some suppliers raising prices by as much as ₦87 per litre.

The sharpest increase was recorded at Bulk Strategic Reserve in Lagos, where the ex-depot price rose from ₦1,263 to ₦1,350 per litre, making it one of the highest-priced suppliers in the country.

Other Lagos depots, including Liquid Bulk, Masters Energy, Matrix and Sigmund, also adjusted their prices upward by between ₦15 and ₦17 per litre, bringing their ex-depot prices to around ₦1,280 per litre, while TSL did not announce a new price.

The latest increases have already filtered into the retail market, with petrol now selling for between ₦1,300 and ₦1,400 per litre at many filling stations across Lagos and surrounding areas, compared to the previous average of about ₦1,260 per litre.

The development has renewed concerns over the rising cost of living, as higher fuel prices are expected to drive up transportation fares, food prices and operating costs for businesses nationwide.