Diesel Prices Hit N1,700 per Litre as Dangote Refinery and Depot Owners Adjust Rates
Automotive Gas Oil (diesel) prices have surged to approximately N1,700 per litre across major Nigerian supply hubs following a significant price adjustment by the Dangote Petroleum Refinery. This development has prompted widespread revisions in depot selling prices, reflecting increased costs throughout the supply chain.
Refinery Price Increase Triggers Market Adjustments
According to market data reported by Petroleumprice.ng, the Dangote Petroleum Refinery raised its diesel ex-depot price from N1,430 to N1,500 per litre on March 14, 2026. This adjustment has directly influenced downstream pricing, with depot operators across the country revising their rates upward in response.
Checks conducted on March 16, 2026, reveal that several private depots have increased their diesel prices to around N1,700 per litre. Some locations are selling slightly lower at approximately N1,650 per litre, depending on specific supply conditions and geographical factors.
Regional Depot Pricing Adjustments
In the Warri depot hub, AYM Shafa was reported to be selling diesel at N1,700 per litre as of Monday. Similarly, in Lagos, depot pricing data indicates that Aiteo and Obat Depot both quoted diesel at N1,700 per litre.
Port Harcourt's Bulk Strategic Depot also raised its selling price to N1,700 per litre, mirroring the broader market adjustment. Another supply hub in Warri reported similar pricing, with Matrix Energy Group selling diesel at the same rate, suggesting a widespread upward shift across regional distribution centres.
Global Crude Oil Prices Contribute to Cost Pressures
Industry sources attribute the price increase partly to rising global crude oil prices, which directly affect refining costs. As of Monday afternoon, Brent Crude was trading at about $101.9 per barrel, while West Texas Intermediate was priced near $94.82 per barrel.
Analysts note that higher crude prices contribute to increased production costs for refiners, which are then passed on through the supply chain to consumers and businesses relying on diesel for transportation and power generation.
Temporary Loading Pause Tightens Supply
Sources familiar with operations at the Dangote Petroleum Refinery disclosed that loading activities for marketers have been temporarily paused. This halt is reportedly aimed at reconciling accounts and allowing buyers to adjust payments to reflect the refinery's new price structure.
Market participants indicate that the temporary suspension has tightened supply in the depot market, prompting private depot operators to quickly adjust their diesel prices in line with the refinery's revised ex-depot rate. Several depots in Lagos, Warri, and Port Harcourt have already implemented these price changes.
Broader Energy Market Context
This diesel price adjustment follows earlier reports that petroleum marketers have released a new template showing depot prices for Premium Motor Spirit (petrol) across several distribution hubs in Nigeria. The data shared by the Major Energies Marketers Association of Nigeria showed varying depot prices across key locations including Lagos, Warri, Calabar, and Port Harcourt.
These pricing adjustments followed a revision by the Dangote Petroleum Refinery, which restored its petrol ex-depot price to N1,175 per litre. The simultaneous adjustments across different fuel products indicate broader market dynamics affecting Nigeria's energy sector.
