Lagos, Nigeria — July 24, 2026 – The Dangote Petroleum Refinery has announced a substantial increase in the wholesale price of petrol, marking the second hike within a month. Effective July 23, 2026, the ex-depot rate for petrol was raised by ₦140 per litre, elevating the cost from ₦1,075 per litre to ₦1,215 per litre. This latest adjustment comes against the backdrop of escalating global crude oil prices and the financial pressures on domestic refiners.
The Nigerian fuel market has been in a state of uncertainty following the price hike, which followed a week — long period of instability.
The decision by Dangote Refinery to raise the ex — depot rate is attributed to the surge in international crude oil prices and the financial pressures faced by domestic refiners. This development reflects the broader impact of global geopolitical tensions on the oil market.
The ex — depot rate for petrol has been increased from ₦1,075 per litre to ₦1,215 per litre, representing a 13. 02% rise. This adjustment is a direct response to the surging global crude oil prices, which have increased the cost of producing refined petroleum products.
Prior to the pause in operations, the refinery explained that its temporary move to dollar — denominated sales was due to difficulties in acquiring local crude oil under the federal government’s naira-for-crude framework. Retail filling stations across major Nigerian cities, including Lagos, Port Harcourt, Warri, and Calabar, have adjusted their pump prices to between ₦1,300 and ₦1,400 per litre, reflecting the impact of the increased wholesale prices.
As the Dangote Refinery resumes petrol loading in local currency, the Nigerian fuel market is expected to stabilize, although distribution delays may persist.
The impact of the latest price adjustment remains a point of concern for consumers and industry stakeholders, as they await further developments and potential government interventions.
The unanswered questions include the specific measures, if any, being taken by the Nigerian government to mitigate the impact of the price hike on consumers, the responses of other players in the Nigerian oil and gas industry to the price increase, and the long — term implications of these price adjustments on the Nigerian economy and the average consumer.
*Additional reporting by ImNews | Sources consulted: 5*
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This original article was produced by the ImNews editorial team
Source: Africa.businessinsider
Source: Awogbemila Temitope
