Dangote Refinery has once again raised its ex-depot petrol price to N1,175 per litre after a recent spike in global crude oil prices has escalated refining costs.
The refinery's latest price increase follows a temporary reduction to N1,075 per litre that was implemented on March 10, 2026, which had sparked heightened purchasing activity among depot operators.
Petroleumprice.ng confirmed this upward price adjustment on Friday, noting that it has disrupted trading activities at various petroleum depots.
Sources from the market indicated that the abrupt rise in prices caused depot operators across different locations to momentarily pause sales while they sought clarification on the revised pricing.
“A number of depot operators have decided to halt transactions as a result of the refinery’s new ex-depot pricing,” stated an informed source.
Furthermore, loading operations at the refinery have also been temporarily suspended to facilitate stock reconciliation in line with the updated pricing strategy.
An anonymous source from the refinery disclosed that this decision was primarily driven by ascending global crude prices, which directly influence refining expenses.
“The price change aligns with the recent rise in international crude oil prices. Brent crude has jumped from around $91 per barrel to nearly $100 per barrel, a rise that directly affects our refining costs,” the source mentioned.
Recently, oil prices have surged sharply, driven by escalating tensions in the Middle East involving the United States and Iran, heightening fears of potential disruptions to global crude supply, especially around the crucial Strait of Hormuz, which handles approximately 20 percent of daily global oil shipments.
These concerns about possible interruptions in this vital chokepoint have propelled global oil benchmarks higher, with Brent crude trading above the $100 per barrel mark throughout the week.
Nigeria’s Bonny Light crude has similarly surged beyond the significant $100 per barrel threshold amid the overall volatility in global energy markets.
This price rally indicates a growing “war premium” in international oil prices as traders assess the risks associated with supply interruptions in the Middle East.
Earlier in the week, during the peak of the price rally, Nigerian crude prices briefly soared to approximately $120 per barrel before settling back to around $100 as the market entered a consolidation phase.
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