Dangote refinery hikes petrol to N1,175/litre, diesel to N1,620 amid global oil volatility

The Dangote Petroleum Refinery has raised its gantry (ex-depot) price of petrol to N1,175 per litre, while diesel (Automotive Gas Oil) has surged to N1,620 per litre.

The new rates were communicated to marketers on Monday, 9 March 2026, and took effect immediately.

This marks the third petrol price increase in about a week, with the cost rising N180 from N995 per litre. The refinery cited “extreme market volatility” and escalating replacement costs from fluctuations in global crude oil markets as the driving factors behind the adjustments.

Experts warn that the recent price adjustments are likely to ripple across the economy. Pump prices at retail stations are expected to climb further, with some outlets already selling petrol for around N1,200 per litre in several states.

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Economic analyst, Dr. Adebayo Olatunji, noted: “Fuel price hikes of this magnitude inevitably increase transportation costs, which in turn push up prices of goods and services. Households and small businesses will feel the pinch almost immediately.”

Transport unions have also projected fare adjustments for commuters, while logistics companies warn of higher operating expenses that could affect supply chains nationwide.

Energy economist, Professor Ifeanyi Okonkwo, explained: “Domestic fuel prices are directly linked to global crude prices. With Brent Crude currently trading above $115 per barrel due to geopolitical tensions in the Middle East, refineries are forced to pass a significant portion of costs to consumers.”

The refinery’s statement emphasized that these adjustments are necessary to maintain supply stability and ensure continued operation amid volatile international oil markets.