NNPCL Raises Petrol Prices as Dangote Launches N2.15 Trillion IPO

The Nigerian National Petroleum Company Limited (NNPCL) increased petrol pump prices at retail outlets in Abuja and surrounding areas on September 15, 2026. New prices range between N1,395 and N1,430 per litre, an increase of N50 to N85 per litre. This adjustment follows a gantry price increase to N1,265 per litre by the Dangote Petroleum Refinery and Petrochemicals Fze.

The domestic surge coincides with a spike in international crude oil markets, where Brent crude reached $107 per barrel and West Texas Intermediate climbed to $103 per barrel. These global shifts follow an Iranian strike on Saudi Arabia's East-West pipeline, which heightened tensions between Iran and the United States.

Aliko Dangote, President of Dangote Industries Limited, attributed the high domestic costs to the smuggling of fuel into neighboring countries, such as Niger Republic, where prices are 20 to 50 percent higher. While warning that Middle East geopolitical crises could eventually impact product availability, Dangote assured consumers that his refinery would prevent shortages and queues.

Simultaneously, Dangote Petroleum Refinery and Petrochemicals launched a N2.15 trillion initial public offering on the Nigerian Exchange. The offering consists of 4.1 billion ordinary shares priced at N525 per share and remains open to retail, institutional, and eligible African investors until October 13, 2026.