Dangote Refinery Reverses Petrol Price Reduction, Triggering New Depot Rates
Petroleum marketers in Nigeria have unveiled a new pricing template for Premium Motor Spirit (PMS), commonly known as petrol, across major distribution hubs. This development follows a significant price adjustment by the Dangote Petroleum Refinery, which has reversed a previous reduction, leading to varied ex-depot costs in locations such as Lagos, Warri, Calabar, and Port Harcourt.
Updated Petrol Depot Prices Across Key Nigerian Hubs
The Major Energies Marketers Association of Nigeria has shared data indicating a surge in depot prices. According to the updated template, petrol prices now vary significantly by location:
- Lagos: N1,094 to N1,100 per litre
- Warri: Approximately N1,170 per litre
- Calabar: N1,200 to N1,205 per litre
- Port Harcourt: About N1,205 to N1,222 per litre
In addition to petrol, Automotive Gas Oil (AGO), or diesel, is quoted between N1,570 and N1,750 per litre in Port Harcourt depots, reflecting broader energy market fluctuations.
Dangote Refinery's Price Reversal and Global Factors
The Dangote Petroleum Refinery confirmed that it restored its petrol ex-depot price to N1,175 per litre, after initially reducing it by N100 to N1,075 per litre on March 10, 2026. This reversal prompted many depot owners to temporarily suspend sales to adjust their pricing and reconcile stock positions.
Sources at the refinery attributed the price increase to rising global crude oil costs, with Brent crude prices escalating from around $91 to approximately $100 per barrel due to geopolitical tensions. In a notice to customers, the refinery's Group Commercial Operations Department stated that both gantry and coastal PMS prices have been revised:
- Gantry price: Increased from N1,075 to N1,175 per litre
- Coastal price: Raised from N1,378,548 to N1,512,648 per metric tonne
The new prices took effect at 1:00 p.m. on March 13, 2026, applying to all unloaded PMS allocations. The refinery cited the escalating global geopolitical situation as a key driver for the adjustment.
Impact on Retail and Previous Price Movements
Earlier, the Nigerian National Petroleum Company Limited (NNPC) had reversed a petrol price increase following Dangote Refinery's decision to slash its ex-gantry price from N1,075 to N1,050 per litre on March 11, 2026. This N100 reduction marked the first price cut after three successive hikes that had previously triggered changes in retail pump prices nationwide.
The latest price reversal by Dangote Refinery underscores the volatility in Nigeria's petroleum market, influenced by both domestic refinery operations and international crude oil dynamics. As marketers adapt to these changes, consumers may experience fluctuations in retail prices at filling stations across the country.
