Dangote Refinery Raises Petrol Price to N874 Amid Crisis

Dangote Petroleum Refinery has announced an increase in its petrol gantry price to N874 per liter, marking a N100 rise from the previous ex-depot rate of N774 per liter. This adjustment was confirmed by officials and is attributed to recent fluctuations in international crude oil prices, which have surged past $80 per barrel.

The refinery's decision comes amid heightened volatility in the global oil market and is necessary due to changes in replacement costs. The price adjustment has already been implemented, signaling a shift in downstream benchmarks that will likely affect petrol retail prices nationwide.

Additionally, petrol loading operations were suspended as of midnight on March 2, 2026, leading to a temporary halt in fresh petrol transactions. However, diesel and AGO (automotive gas oil) loading continues without disruption.

The increase in prices is also linked to rising tensions between the United States and Iran, raising concerns over potential supply disruptions, particularly in the strategic Strait of Hormuz.