Dangote Refinery begins petrol loading in Naira, sets price at ₦1,215 Per Litre

Dangote Petroleum Refinery has restarted gantry loading of Premium Motor Spirit (PMS) or petrol in naira following a one-week suspension of the process amid speculation on whether the firm had shifted the pricing of its products to dollars.

Vanguard investigations have revealed that Dangote Refinery has set its ex-depot (gantry) price for PMS at N1,215 per litre – a rise of N140 or 13.02 per cent from the previous rate of N1,075 per litre.

This hike in the ex-depot price is a direct result of the steep surge in international crude oil prices which has increased the cost of producing refined oil products such as petrol, diesel and jet fuel.

Market data on Wednesday showed that Brent crude, the international benchmark against which Nigeria’s crude is priced, climbed 3.18 per cent to $93.90 per barrel, while West Texas Intermediate (WTI) rose 2.74 per cent to $86.65 per barrel.

The price adjustment also comes at a time when domestic petrol prices have already risen sharply following increases in ex-depot prices by major suppliers, raising fears of another round of pump price increases at filling stations.

The resumption of naira-denominated truck loading is expected to improve product availability after supply disruptions caused by the suspension.

Industry sources confirmed that marketers had been notified of the resumption of gantry operations, with loading set to commence immediately under the revised naira pricing structure.

The refinery’s return to naira pricing for truck loading follows some days of uncertainty in the downstream petroleum market after the suspension forced many independent marketers to source products from private depots.

Before halting product loading, Dangote Refinery attributed the suspension to challenges in securing adequate crude oil supplies under the Federal Government’s naira-for-crude initiative, prompting its temporary switch to dollar-denominated sales.

The refinery’s decision to restore naira transactions is expected to ease supply constraints in the inland market and improve the nationwide distribution of petroleum products.

Already, petrol prices at depots across Nigeria recorded fresh increases on Wednesday, while diesel prices surged sharply in several locations, signaling renewed cost pressures for fuel marketers and transport operators.

Mid-day depot price data for July 22, 2026, showed that petrol depot prices rose across major supply hubs, including Lagos, Port Harcourt, Warri and Calabar, with some depots increasing prices by as much as N87 per litre.

The sharpest increase was recorded at Bulk Strategic Reserve in Lagos, where the ex-depot petrol price jumped by N87 per litre to N1,350, from N1,263.

The increase places the depot among the highest-priced suppliers in the country and could influence retail pump prices if sustained.

Other Lagos depots posted more modest increases. Liquid Bulk, Masters Energy, Matrix and Sigmund all raised petrol prices by between N15 and N17 per litre to N1,280, while TSL did not quote a new price.

Meanwhile, fresh increases in the pump price of petrol—to an average of N1,350 per litre, from N1,260 per litre, across filling stations in Lagos and its environs—have heightened concerns over the rising cost of living, with millions of Nigerians expected to face higher transportation, food and business costs.

Checks by Vanguard showed that several retail outlets adjusted their pump prices to between N1,300 per litre and N1,400 per litre following increases in ex-depot prices by depot owners, pushing fuel costs to their highest levels in recent months.