Petrol Prices Surge as Dangote Refinery Resumes Naira Sales

Petrol prices across Nigeria have increased following the Dangote Petroleum Refinery's resumption of sales in naira, with the ex-depot price rising by N140 per litre to N1,215 per litre, effective July 22, 2026. This change ends a temporary dollar pricing regime that began after the refinery suspended truck loading of petrol on July 15, 2026.

The refinery's decision was communicated in a notice from its commercial department and confirmed by Jeremiah Olatide, CEO of Petroleumprice.ng. The coastal loading price also saw an increase from N1,441,575 per metric tonne to N1,602,495 per metric tonne.

The switch to dollar pricing had caused disruptions in fuel supplies and increased depot prices, forcing marketers to source products from private depots at higher costs. Industry stakeholders expressed concerns that the dollar pricing policy would increase demand for dollars, weaken the naira, and raise petrol prices further.

The refinery had previously defended its dollar pricing due to insufficient crude oil under the Federal Government’s naira-for-crude initiative.