Dangote Refinery resumes petrol loading in naira at N1,215/litre ===========================================================

The Dangote Refinery has resumed petrol loading in naira after a week-long suspension, with prices increasing from N1,075 to N1,215 per litre. This move comes after the refinery temporarily switched to dollar-denominated sales due to challenges in securing adequate crude oil supplies under the Federal Government's naira-for-crude initiative.

Market data on Wednesday showed a sharp rally in global crude oil prices, with Brent crude climbing 3.18 per cent to $93.90 per barrel and West Texas Intermediate rising 2.74 per cent to $86.65 per barrel. This increase directly links to the cost of producing refined petroleum products, including petrol, diesel, and aviation fuel, which could lead to fresh fuel price hikes in Nigeria and other oil-importing countries.

Industry sources confirmed that marketers had been notified of the resumption of gantry operations, with loading set to commence immediately under the revised naira pricing structure. The development comes barely 24 hours after the 650,000 barrels-per-day refinery resumed coastal loading of petrol at a higher price, increasing its coastal loading price from $1,044.62 per metric tonne to $1,161.23 per metric tonne.

Before halting product loading, Dangote Refinery attributed the suspension to challenges in securing adequate crude oil supplies under the Federal Government's naira-for-crude initiative. The refinery's decision to restore naira transactions is expected to ease supply constraints in the inland market and improve the nationwide distribution of petroleum products.

Already, petrol prices at depots across Nigeria recorded fresh increases on Wednesday, with diesel prices surging sharply in several locations, signaling renewed cost pressures for fuel marketers and transport operators. Mid-day depot price data for July 22, 2026 showed that the depot price of petrol rose across major supply hubs, including Lagos, Port Harcourt, Warri, and Calabar, with some depots raising prices by as much as N87 per litre.

The sharpest increase was recorded at Bulk Strategic Reserve in Lagos, where the ex-depot petrol price jumped by N87 per litre to N1,350 from N1,263. The increase places the depot among the highest-priced suppliers in the country and could influence retail pump prices if sustained. Other Lagos depots posted more modest increases, with Liquid Bulk, Masters Energy, Matrix, and Sigmund all raising petrol prices by between N15 and N17 per litre to N1,280.

The resumption of naira-denominated truck loading by Dangote Refinery is expected to improve product availability after supply disruptions caused by the suspension. The move may also ease rising concerns over the cost of living, with millions of Nigerians expected to face higher transportation, food, and business costs.

Market operators and fuel marketers have expressed mixed reactions to the development. Some welcomed the resumption of naira transactions, citing improved product availability and reduced pressure on the naira. Others, however, expressed concerns over the impact of the price increase on consumers.

Market Analysis

Analysts say the decision to revert to naira pricing may have been influenced by the Federal Government's naira-for-crude initiative, which aims to reduce the country's reliance on foreign exchange for petroleum imports. The move could also indicate the refinery's commitment to supporting the government's economic policies.

Key Facts

  • N1,215 per litre: The new ex-depot price for petrol at Dangote Refinery
  • N140 per litre: The increase in ex-depot price compared to the previous price of N1,075 per litre
  • 650,000 barrels-per-day: The capacity of Dangote Refinery
  • $93.90 per barrel: The global crude oil price on Wednesday
  • 3.18 per cent: The increase in Brent crude oil price
  • N1,350 per litre: The highest petrol price at Bulk Strategic Reserve in Lagos
  • N1,215 per litre: The new ex-depot price for petrol at Dangote Refinery