Dangote & Others Raise Depot Price of Petrol to ₦823/litre Amid Crude Oil Surge

Starting over the weekend, three major players in Nigeria’s downstream oil industry, Dangote Petroleum Refinery, Aiteo, and AA Rano, raised the ex-depot (gantry) price of Premium Motor Spirit (PMS) to ₦823 per litre, up from ₦821. This increment reflects a response to rising global crude oil prices, which touched US$67 per barrel, up from US$65.

Also Read: Petrol Price Hike Amidst Rising Competition and Fuel Import Surge

What This Means on the Ground

Currently, retail pump prices remain steady, but industry watchers caution that this increase is unlikely to stay contained. Pump prices are expected to adjust upward later this week if underlying market forces continue to push depot costs higher.

Market Insights

Olajide Jeremiah, CEO of Petroleumprice.ng, offered this perspective:

“These frequent ex-depot adjustments reflect ongoing crude market volatility and intense competition among downstream players. We expect pump prices to follow soon.”

Meanwhile, Billy Gillis‑Harry, National President of PETROAN (Petroleum Products Retail Outlets Owners Association of Nigeria), emphasized the dynamic nature of Nigeria’s fuel market and the critical need for supply stability.

He also advocated for full privatization of government-owned refineries, with active participation from grassroots stakeholders like PETROAN and MEMAN.

Dangote’s Expanding Role

Capitalizing on capacity expansion, Dangote Refinery is increasing output from 650,000 barrels per day (bpd) to 700,000 bpd. Analysts note that this rise is already reshaping regional fuel dynamics,reducing Nigeria’s reliance on imports and influencing fuel supply chains in Europe and beyond. OPEC has flagged Dangote’s excess output as a factor in declining European gasoline inventories.

RoadKing.ng Perspective: What to Watch

1. Pump Price Impact: Brace for increases at fuel stations, drivers and fleet operators should budget for rising transport costs.
2. Policy Effectiveness: The call for privatization remains strong. Transparent supply chains and competitive refinery ownership could stabilize pricing in the long run.
3. Economic Ripple Effect: Fuel costs affect daily life, goods transport, food prices, and commute expenses will all feel the pinch if prices rise further.