Private depot operators across Nigeria have increased the wholesale prices of petrol and diesel, reflecting sustained pressure from high international crude oil costs. In contrast, Dangote Refinery has kept its ex-depot petrol price unchanged at N1,215 per litre, according to data from the Major Energies Marketers Association of Nigeria (MEMAN).
Depot Prices Vary Across Regions
MEMAN's pricing data released on Tuesday, July 29, 2026, showed that petrol prices at private depots in Lagos ranged between N1,215 and N1,222 per litre, up from the previous average of N1,200. In Warri, petrol sold for between N1,230 and N1,242 per litre, while Calabar recorded N1,225 to N1,240 per litre. Port Harcourt remained the most expensive location, with petrol prices ranging from N1,334 to N1,340 per litre.
Dangote Refinery Retains Competitive Price
Despite the general rise, Dangote Refinery retained its gantry price at N1,215 per litre, making it one of the lowest-priced major suppliers in the country. This stability offers some relief to marketers and consumers in the midst of upward price adjustments by other depot owners.
Diesel and Gas Prices Surge
Diesel prices were significantly higher than petrol nationwide. In Lagos, diesel traded between N1,610 and N1,855 per litre, while Port Harcourt recorded prices from N1,670 to N1,720 per litre. Liquefied Petroleum Gas (LPG) sold for between N1,075 and N1,100 per kilogram in Lagos. Compressed Natural Gas (CNG) for vehicles was priced between N380 and N500 per standard cubic metre.
Global Crude Oil Costs Drive Wholesale Rates
MEMAN attributed the price increases to the strength of global crude oil prices. Brent crude averaged about $110 per barrel over the seven days to July 28, while West Texas Intermediate (WTI) traded at $96.08 per barrel and Bonny Light at $95.67 per barrel. These high crude prices have pushed up the cost of refined petroleum products for both importers and local suppliers.
Import Parity and Market Outlook
Despite higher depot prices, MEMAN estimated the import-parity price for petrol at N1,185.22 per litre. However, the seven-day average cost of importing petrol into the NPSC/ASPM Jetty in Apapa was placed at N1,368.95 per litre. The association attributed this gap to exchange rate movements, freight costs, and handling charges. For diesel, the seven-day average import parity price was estimated at N1,621.30 per litre, against a spot estimate of N1,633.84 per litre. Jet fuel was estimated at N1,616.20 per litre on a seven-day average basis.
Industry analysts say movements in global crude oil prices, the naira exchange rate, financing costs, and logistics expenses will continue to shape wholesale fuel prices across Nigeria in the weeks ahead.
Background: Dangote Refinery Refutes Import Allegations
In a related development, Dangote Refinery has identified individuals behind claims that it imported petrol into Nigeria. The company dismissed the allegations as false and intended to discredit Nigeria’s domestic refining efforts. The refinery stated it would reveal the identities and motives of those behind the claims at the appropriate time and would take legal action against them. According to the company, the individuals involved were among those who previously benefited from questionable financing arrangements tied to the rehabilitation of government-owned refineries.
