DANGOTE INCREASES GANTRY PRICE BY N140 AS PETROL LOADING RESUMES
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By: Fasasi Hammad
Dangote Petroleum Refinery has resumed the sale and gantry loading of Premium Motor Spirit (PMS), popularly known as petrol, in naira, bringing to an end a week-long suspension that had sparked uncertainty in the downstream petroleum sector over its temporary switch to dollar-based transactions.
The refinery has set a new ex-depot price of N1,215 per litre, representing an increase of N140, or 13.02 per cent, from the previous price of N1,075 per litre.
Industry observers attribute the price increase to the recent surge in global crude oil prices, which has significantly raised the cost of producing refined products such as petrol, diesel and aviation fuel, fueling concerns over further increases in fuel prices across Nigeria and other oil-importing nations.
Latest market data showed that Brent crude rose by 3.18 per cent to $93.90 per barrel, while West Texas Intermediate (WTI) gained 2.74 per cent to settle at $86.65 per barrel.
The adjustment comes amid rising domestic fuel costs, following successive increases in ex-depot prices by major suppliers, prompting fears of another round of pump price hikes nationwide.
The refinery’s return to naira-denominated truck loading is expected to improve fuel availability after recent supply disruptions linked to the suspension.
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Industry sources confirmed that marketers had been informed of the resumption, with loading operations expected to commence immediately under the revised pricing structure.
The development occurred less than 24 hours after the 650,000 barrels-per-day refinery resumed coastal petrol loading at a higher rate.
Checks indicated that the coastal loading price was raised to $1,161.23 per metric tonne from $1,044.62 per metric tonne, an increase of 11.2 per cent.
The resumption follows days of uncertainty in the downstream market, during which many independent marketers were forced to source products from private depots after Dangote halted loading operations.
The disruption tightened supply and pushed ex-depot petrol prices in Lagos to as high as N1,275 per litre, compared with the refinery’s previous gantry price of N1,075 per litre before the suspension.
Prior to halting loading activities, Dangote Refinery cited difficulties in securing sufficient crude oil supplies under the Federal Government’s naira-for-crude policy, leading to its temporary adoption of dollar-denominated sales.
Analysts say the refinery’s decision to return to naira transactions could ease supply pressures in the inland market and enhance nationwide distribution of petroleum products.
Meanwhile, fuel prices continued to rise across depots nationwide on Wednesday, while diesel prices also recorded significant increases in several locations, reflecting mounting cost pressures on marketers and transport operators.
Midday depot price data for July 22, 2026, showed petrol prices climbing across major supply centres, including Lagos, Port Harcourt, Warri and Calabar, with some depots increasing prices by as much as N87 per litre.
The most significant increase was recorded at Bulk Strategic Reserve in Lagos, where the ex-depot petrol price rose by N87 to N1,350 per litre from N1,263.
Other Lagos depots, including Liquid Bulk, Masters Energy, Matrix and Sigmund, also adjusted prices upward by between N15 and N17 per litre to N1,280 per litre, while TSL did not announce a new rate.
Retail fuel prices have also risen, with petrol now selling for an average of N1,350 per litre, up from about N1,260 per litre across many filling stations in Lagos and surrounding areas.
The latest increases have heightened concerns over the rising cost of living, as higher fuel prices are expected to impact transportation, food costs and business operations nationwide.
Market checks revealed that several filling stations have adjusted pump prices to between N1,300 and N1,400 per litre following increases in ex-depot rates, pushing petrol prices to some of their highest levels in recent months.
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