Dangote Refinery Raises Petrol Price to N1,175/Litre

Dangote Refinery has raised the ex-depot price of premium motor spirit (petrol) to N1,175 per litre, reversing an earlier reduction to N1,075 per litre announced on March 10, 2026. This price adjustment was confirmed by a senior official who spoke anonymously.

The increase is attributed to a surge in global crude oil prices, with Brent crude trading around $91 to $100 per barrel. The rise in prices has led to increased buying activity among depot operators, prompting many to temporarily suspend sales while they await clarity on the new pricing structure.

The adjustment reflects the impact of escalating tensions in the Middle East, particularly involving the United States, Iran, and Israel, which have heightened fears of disruptions in global crude supply, especially through the strategically important Strait of Hormuz. The Nigerian crude grade, Bonny Light, has also surged above the psychological $100 per barrel threshold amid a volatile global energy market.