- Dangote Refinery raises petrol and diesel prices, reshaping Nigeria’s petroleum market dynamics
- Lagos sees mixed petrol prices while diesel costs surge, reflecting market competition
- Calabar defies trends with reduced petrol prices amidst national increases and uncertainties
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s petroleum products market experienced another week of price adjustments as fuel depots across the country released new petrol and diesel prices following Dangote Refinery’s upward review of its gantry rates.
The changes came after Dangote Refinery resumed naira-denominated fuel sales at higher prices.
Credit: Bloomberg/Contributor
Source: Getty Images
At the same time, a brief surge in global crude oil prices above $100 per barrel increased concerns over replacement costs for petroleum marketers.
Dangote’s new prices reshape the market
The biggest development during the week was Dangote Refinery’s return to local fuel sales after a temporary suspension.
The refinery raised its Premium Motor Spirit (PMS) gantry price from ₦1,075 to ₦1,215 per litre, representing a ₦140 or 13.02 per cent increase. It also increased the gantry price of Automotive Gas Oil (AGO), commonly known as diesel, from ₦1,500 to ₦1,650 per litre.
The revised prices immediately influenced depot operators nationwide, who adjusted their rates to reflect higher replacement costs despite Brent crude easing to around $96 per barrel after briefly crossing the $100 mark.
Industry players noted that petroleum products are priced largely on expected replacement costs rather than daily fluctuations in crude oil prices, keeping depot prices elevated even as global oil prices moderated.
Lagos records mixed petrol prices, diesel climbs
In Lagos, petrol prices remained relatively stable despite the refinery’s higher benchmark.
Major depots, including Aiteo, Nipco, Pinnacle, Gulf Treasure and T.Time, reduced their PMS prices slightly to between ₦1,220 and ₦1,228 per litre, suggesting improved product availability and increased competition among marketers.
Diesel, however, recorded a sharp upward movement. African Terminal, Duport, Ibachem and Integrated all raised prices to ₦1,650 per litre, while Menj posted the largest increase, moving from ₦1,498 to ₦1,650 per litre.
Warri and Port Harcourt adjust prices
Warri witnessed only modest increases in petrol prices, with most depots raising rates by between ₦3 and ₦10 per litre, indicating adequate supply despite market volatility.
Diesel prices were more pronounced. Prudent increased its price by ₦105 per litre, while A.Y.M Shafa and Nipco also adjusted their rates upward in response to rising replacement costs.
In Port Harcourt, petrol prices remained largely stable. Masters increased its price by ₦10 per litre, Matrix maintained its previous rate, while Liquid Bulk recorded only a marginal increase.
Diesel prices in the city surged significantly, with Sigmund raising its price by ₦135 per litre to ₦1,750, and Matrix also increasing its price to the same level.
Calabar defies nationwide trend
Calabar was the only major market to record a decline in petrol prices during the review period.
Hong Petroleum reduced its PMS price by ₦15 per litre, reflecting improved supply conditions and competitive market dynamics despite the broader nationwide increase in fuel costs.
Outlook remains uncertain
Market analysts expect fuel depot prices to remain firm in the coming days as marketers continue to factor in higher refinery costs and uncertainty in the global oil market.
Credit: Bloomberg/Contributor
Source: Getty Images
Attention is also focused on the Federal Government’s naira-for-crude policy, which remains a key factor in determining domestic fuel prices.
Unless international crude prices decline significantly or more crude is supplied under the policy, industry operators say petrol and diesel prices are likely to remain elevated across Nigeria.
Marketers resume petrol loading at depots
Legit.ng earlier reported that fuel marketers have returned to loading petrol and diesel from private depots across Nigeria after nearly a week of disruptions linked to price adjustments in the downstream petroleum sector.
Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the resumption on Tuesday, July 22, 2026, saying private depots had restarted selling petroleum products to marketers and that fears of an impending fuel scarcity were unfounded.
Ukadike explained that depot owners had paused loading operations to recalibrate their prices and collect top-up payments from marketers who had purchased products before the latest price increase.
Source: Legit.ng
