Oil marketers are selling petrol at higher depot prices than Dangote Petroleum Refinery's rate, with prices reaching N1,360 per litre amid concerns over rising global crude oil costs. Data released on Tuesday, October 20, 2026, showed Dangote Refinery's petrol price at N1,344 per litre, up from N1,320, while other depots quoted prices ranging from N1,346 to N1,360 per litre.
Depot Price Variations Across Lagos and Beyond
According to Petroleumprice.ng, Matrix recorded the highest listed price of N1,360 per litre, N16 above Dangote's rate. Mainland, Pivot, and Soroman also listed petrol at N1,358 per litre, representing a N14 difference. Other listed depots included Pinnacle at N1,344 per litre, MRS at N1,346, Bulk Strategic at N1,346, Masters at N1,346, T.S.L at N1,346, Wosbab at N1,348, Optima at N1,350, Parker at N1,350, Rain Oil at N1,350, and Matrix at N1,352 per litre.
Pinnacle was among the depots that matched Dangote Refinery's price at N1,344 per litre, the lowest rate in the supplied PMS price list. The difference between the lowest and highest listed prices was N16 per litre. Marketers buying petrol at N1,360 per litre therefore face a higher depot acquisition cost than those buying at Dangote's listed rate, before transportation and other operating expenses.
Crude Oil Pressures and Market Dynamics
The price variations come amid renewed pressure in the international oil market, where concerns about supply disruptions have contributed to rising crude oil prices. Movements in Brent crude prices, which are currently above $122 per barrel, are an important factor for oil importers and the wider petroleum market. Higher international crude oil prices can increase the cost of sourcing petroleum products, particularly imported fuel. Shipping expenses, foreign exchange movements, refining costs, and distribution charges can also influence the prices charged by depots.
However, changes in crude oil prices do not automatically translate into immediate increases in Nigerian petrol prices. The effect depends on procurement costs, product availability, exchange rates, and individual suppliers' pricing decisions.
Dangote Refinery's Response to Import Allegations
Earlier, Legit.ng reported that Dangote Refinery claimed to have identified those behind allegations that it imported petrol into Nigeria. The company said the claims were misleading and intended to discredit Nigeria's efforts to boost domestic refining. The refinery said it would reveal the identities of those involved and their motives at a later date, adding that it planned to take legal action.
