Dangote Refinery Price Hikes Push Nigerian Petrol Costs Higher

Filling stations across Nigeria increased petrol pump prices on August 30, 2026, after Dangote Petroleum Refinery & Petrochemicals Fze raised its ex-depot price three times in eight days. The refinery increased the gantry price from N1,165 to N1,265 per litre, with the final adjustment adding N65 per litre.

Retail prices responded immediately. In the Federal Capital Territory, NNPC and AY Shafa raised prices to N1,270 per litre, while Optima increased its rate to N1,300 per litre. Across the broader national market, pump prices climbed to between N1,310 and N1,400 per litre, with northern states seeing higher costs due to transportation. In Lagos and Ogun, petrol sold for approximately N1,310 per litre.

A refinery executive defended the increases, stating that declines in international crude prices do not immediately lower costs due to shipping lags and the need to recoup expenses from previously purchased expensive inventory. This occurred despite Brent crude falling to $88.10 per barrel.

Chinedu Ukadike of the Independent Petroleum Marketers Association of Nigeria stated that marketers could not continue to sell petrol below the replacement cost. The association warned that market volatility, compounded by exchange rate fluctuations and tensions between the United States and Iran, has made business planning difficult for independent marketers.