In a move that has sent ripples through the nation’s petroleum market, Dangote Refinery has raised the ex-depot price of petrol to N1,175 per litre, effectively reversing a N100 reduction announced earlier this week.
The adjustment comes in response to rising global crude oil prices, which have pushed up refining costs across the board.
The refinery had temporarily lowered the ex-depot price to N1,075 per litre on March 10, 2026, a decision that sparked a flurry of buying activity among depot operators eager to take advantage of the lower rate.
However, the reprieve was short-lived as the price was readjusted upward following recent developments in international oil markets.
Petroleumprice.ng confirmed the revision on Friday, noting that the sudden price hike has disrupted trading activities at several petroleum depots nationwide.
Market insiders reported that depot operators in multiple hubs temporarily halted sales while awaiting clarity on the new pricing framework.
“Depot owners across various locations have paused transactions following the refinery’s upward review of the ex-depot price,” a market source familiar with the situation said.
In addition, loading operations at the refinery were temporarily suspended to allow for stock reconciliation and proper alignment with the updated pricing structure.
An anonymous refinery official explained that the increase was largely driven by global crude price trends.
“The revision reflects the surge in global crude oil prices. Brent crude has risen from around $91 per barrel to approximately $100 per barrel, and this increase directly feeds into the cost of refining,” the source stated.
Global crude prices have climbed sharply in recent days amid escalating tensions in the Middle East involving the United States, Israel, and Iran.
The geopolitical unrest has raised fears of supply disruptions, particularly around the strategic Strait of Hormuz, a vital chokepoint through which roughly 20 per cent of the world’s oil shipments pass daily.
These supply concerns have contributed to a rally in international oil benchmarks, with Brent crude trading above $100 per barrel this week.
Nigeria’s flagship crude grade, Bonny Light, also crossed the $100 per barrel mark, reflecting the heightened volatility in energy markets.
Analysts said the price surge embodies a growing “war premium,” as traders factor in the risks of Middle East supply disruptions.
At the height of the rally earlier this week, Nigerian crude briefly touched $120 per barrel before settling around the $100 mark as the market entered a consolidation phase.
The latest adjustment by Dangote Refinery underscores the direct impact of global oil dynamics on domestic fuel prices and highlights the vulnerability of Nigeria’s petroleum market to international events
