Petroleum product depots across Nigeria have announced revised petrol loading prices following a fresh upward adjustment by the Dangote Petroleum Refinery to its ex-depot price of Premium Motor Spirit (PMS). The Dangote refinery shocked the market after it announced to its customers that petrol will now be priced in dollars. This decision, coupled with renewed hostilities between the United States and Iran, has forced marketers to adjust prices to reflect global market realities.
Dangote Refinery Increases Petrol Price
Dangote Refinery on Tuesday set its ex-depot petrol price at N1,120 per litre, up from the previous rate of N1,070 in the latest review, a move that has prompted competing depots to recalibrate their own loading rates. Data obtained by Petroleumprice.ng showed that as of Tuesday, July 14, 2026, petrol loading prices ranged between N1,032 and N1,250 per litre across major fuel distribution hubs, including Lagos, Port Harcourt, Warri, and Calabar.
Independent marketers, many of whom source directly from Dangote or rival depots, are now reassessing their supply strategies in light of the new pricing. Industry stakeholders noted that where marketers choose to transfer higher acquisition costs to consumers, retail pump prices at filling stations could climb in the days ahead.
Depot Prices Across Nigeria
The breakdown of loading prices recorded on July 14 showed considerable variation by location and operator.
Lagos
- Rain Oil – N1,032 per litre
- Dangote – N1,120 per litre
- Techno Oil – N1,120 per litre
- African Terminal – N1,125 per litre
- Aiteo – N1,125 per litre
- Ascon – N1,125 per litre
- Integrated – N1,125 per litre
- Sahara – N1,125 per litre
- Nipco – N1,170 per litre
- Emadeb – N1,175 per litre
- Pinnacle – N1,200 per litre
Port Harcourt
- Optima – N1,141 per litre
- Rain Oil – N1,170 per litre
- Matrix – N1,230 per litre
Warri
- Bulk Strategic – N1,150 per litre
- Matrix – N1,250 per litre
Calabar
- Northwest – N1,250 per litre
Marketers Criticize Dangote Dollar Pricing
Meanwhile, independent petroleum marketers and energy analysts have criticised the Dangote Petroleum Refinery's decision to price petroleum products in US dollars, warning that the policy could increase pressure on Nigeria's foreign exchange market and create fresh uncertainty in the downstream oil sector. They noted that although the refinery is entitled to determine its commercial strategy as a private enterprise, selling petroleum products for domestic consumption in dollars could have broader consequences for the economy and the country's foreign exchange stability.
Dangote Ends Naira Fuel Sales
Earlier, Legit.ng reported that Dangote Petroleum Refinery announced that it has stopped selling petroleum products in naira, switching instead to U.S. dollar-denominated transactions. Under the new pricing regime, petrol (Premium Motor Spirit) will now sell at $0.779 per litre, diesel (Automotive Gas Oil) at $1.087 per litre, while aviation fuel (ATK) will be priced at $0.985 per litre. The refinery said the new policy aligns with the reality of its operating costs and crude oil procurement.
