Nigeria's Petrol Prices Surge as Dangote Refinery and Depot Owners Announce Fresh Hikes
Petrol prices across Nigeria have experienced a sharp and significant increase, with depot operators and major marketers implementing fresh price adjustments in response to disruptions in global oil supply and refinery pricing changes. The latest surge is directly linked to escalating tensions in the Middle East, particularly the blockade of the Strait of Hormuz, which has driven international energy prices higher and consequently increased the cost of fuel imports into Nigeria.
Depot Prices Approach N1,300 Per Litre Following Refinery Adjustments
Recent findings indicate that depot operators have raised petrol prices by between 7.53% and 8.85%, with rates now approaching N1,300 per litre. In some instances, prices have jumped by as much as N105 per litre within a remarkably short period. Key depot operators are reflecting this upward trend, with Sahara selling at N1,295 per litre, A.A. Rano at N1,285, Bulk Strategic at N1,193, and Parker at N1,200.
Industry data from PetroleumPriceNG reveals that these increases followed a fresh price adjustment by Dangote Refinery, which continues to play a central and influential role in Nigeria's fuel supply chain. On Saturday, March 21, 2026, the refinery announced an additional N70 increase in its gantry price, pushing the rate to N1,275 per litre, up from N1,245.
Major Marketers Implement Immediate Price Changes
The ripple effect of these adjustments has placed retailers under considerable pressure, with pump prices now ranging from N1,400 to N1,450 per litre in several parts of the country. Dangote-affiliated marketers have also adjusted their rates accordingly. MRS Oil Nigeria Plc, in a formal notice to dealers, announced a new pump price of N1,332 per litre.
The company set its delivery price at N1,290 per litre and N1,282 per litre for self-collection. The marketer directed its retail outlets to implement the new pricing immediately, confirming that its order portal is open for fresh bookings. It also established a minimum order quantity of 50,000 litres for company deliveries, with all product loading to take place at the Dangote Refinery.
Analysts Warn of Worsening Inflation and Economic Strain
The latest round of increases is expected to cascade across the entire downstream sector, pushing retail prices even higher nationwide. Analysts are issuing strong warnings that the sustained rise in petrol costs could intensify inflationary pressures, strain household incomes, and further erode purchasing power as fuel prices continue to track global crude oil movements.
This development comes amid a new pricing shift in Nigeria's downstream oil sector, where the landing cost of imported petrol has fallen significantly below the domestic gantry price. Data from the Major Energies Marketers Association of Nigeria shows that as of March 16, 2026, imported Premium Motor Spirit landed at N1,080.47 per litre, while the domestic gantry price stood at N1,175 per litre.
This creates a price gap of N94.53 per litre, making imports more attractive to marketers despite the overall upward trend in domestic pricing. The situation presents complex challenges for both consumers and industry stakeholders as Nigeria navigates these volatile energy market conditions.
