Petrol Nears ₦1,400/Litre as Dangote Refinery Hikes Ex-Depot Price

Petrol prices in Nigeria are knocking on the ₦1,400 per litre door. Dangote Refinery raised its ex-depot loading price from ₦1,200 to ₦1,275 per litre on Wednesday, and depot owners wasted no time cascading it further — prices at major depots are now sitting at ₦1,330 per litre or above.

At the pump, Nigerians in several cities are already paying between ₦1,320 and ₦1,380 per litre. The ₦1,400 mark looks inevitable unless something dramatic changes in the next 24 to 48 hours.

Iran War and UAE’s OPEC Exit Are the Drivers

This isn’t just a local problem. Brent crude jumped from $105 per barrel on Monday to $118 by Wednesday, driven by two developments: the continuing US-Iran conflict keeping the Strait of Hormuz under threat, and the United Arab Emirates surprising markets by announcing its exit from OPEC.

The UAE decision spooked traders. If a major Gulf producer is walking away from the cartel, market discipline breaks down — and prices surge on supply uncertainty. For Nigeria, which imports refined petroleum even as Dangote ramps up output, global crude prices feed directly into pump prices.

Dangote Also Halted Sales Briefly

Things got messier midweek. A source told Punch that Dangote Refinery suspended its pro forma invoice process at around 4 pm on Tuesday — effectively halting petrol and diesel loading for marketers temporarily. The disruption tightened supply just as prices were already moving up.

The NNPC, meanwhile, is not exactly unhappy about the price environment. The state oil company raised its official selling prices for all 37 Nigerian crude grades for May-loading cargoes. Bonny Light is up ₦6.13 per barrel versus April; Forcados is up ₦7.01. Nigeria is, in a narrow fiscal sense, benefiting from the same war that is hammering its citizens at the pump.

What It Means on the Street

Transportation costs are going up again. Keke and bus fares are climbing in Lagos, Abuja, and Kano. Food prices, already at painful levels, will follow. The government’s fuel relief interventions so far — like the 30-day credit directive to fuel marketers for airlines — haven’t touched petrol pump pricing.

With Brent crude still above $115 and the Iran conflict showing no sign of resolution, expecting relief at the pump anytime soon is optimistic. Nigerians are bracing for more.

Sources: Punch, Legit.ng, Economic Confidential