Petrol Prices Surge to N1,360 as Dangote Offers Lower Rate

On October 20, 2026, it was reported that oil marketers are selling petrol at depot prices higher than those of Dangote Refinery, with prices reaching N1,360 per litre. Dangote Refinery's petrol price is set at N1,344 per litre, an increase from N1,320.

Other depots have listed prices ranging from N1,346 to N1,360 per litre, with Matrix recording the highest price at N1,360 per litre, which is N16 above Dangote's rate. Mainland, Pivot, and Soroman have listed petrol at N1,358 per litre, reflecting a N14 difference.

The price variations are occurring amid rising international oil market pressures, with crude oil prices currently above $122 per barrel, affecting the cost of sourcing petroleum products. Although higher international crude oil prices increase costs, changes do not automatically lead to immediate increases in Nigerian petrol prices, as they depend on procurement costs, product availability, exchange rates, and suppliers' pricing decisions.

Pinnacle matched Dangote Refinery's price at N1,344 per litre, marking the lowest rate among the listed prices.