Dangote Raises Petrol Price Amid Import License Suspension

The Nigerian downstream petroleum sector is experiencing division among oil marketers following the federal government's suspension of petrol import licenses. On March 10, 2026, Dangote Petroleum Refinery raised its depot price of premium motor spirit (petrol) from N1.075 to N1.175 per liter, reversing a previous reduction of N100.

This price adjustment was influenced by a surge in global crude oil prices, which have reached approximately $91 to $100 per barrel. The refinery's coastal supply price also increased significantly, reflecting a rise from N378,548 to N512,648 per metric ton.

The price hike has led to disruptions in trade activities across several petroleum depots, with many temporarily halting sales to await clarification on the new price structure. Stakeholders, including energy experts and economists, have raised concerns about the implications of the import ban and the capacity of Dangote Refinery to meet local fuel demands, as it has a capacity of 650,000 barrels per day.