…As depots, filling stations adjust prices
By Udeme Akpan, Energy Editor
Dangote Petroleum Refinery has resumed gantry loading of Premium Motor Spirit (PMS), also known as petrol, in naira after a week-long suspension, ending uncertainty in the downstream sector over its temporary shift to dollar-denominated sales.
Checks by Vanguard showed that the refinery has fixed its new ex-depot (gantry) price at N1,215 per litre, representing an increase of N140 per litre, or 13.02 per cent, from the previous price of N1,075 per litre.
The increase in the gantry price is directly linked to the sharp rally in global crude oil prices, which has raised the cost of producing refined petroleum products, including petrol, diesel and aviation fuel, heightening concerns over fresh fuel price hikes in Nigeria and other oil-importing countries.
Market data on Wednesday showed that Brent crude, the international benchmark against which Nigeria’s crude is priced, climbed 3.18 per cent to $93.90 per barrel, while West Texas Intermediate (WTI) rose 2.74 per cent to $86.65 per barrel.
The price adjustment also comes at a time when domestic petrol prices have already risen sharply following increases in ex-depot prices by major suppliers, raising fears of another round of increases at filling stations.
The resumption of naira-denominated truck loading is expected to improve product availability after supply disruptions caused by the suspension.
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.
Checks showed that the refinery increased its coastal loading price to $1,161.23 per metric tonne, from $1,044.62 per metric tonne, representing an 11.2 per cent increase.
The refinery’s return to naira pricing for truck loading follows several days of uncertainty in the downstream petroleum market after the suspension forced many independent marketers to source products from private depots.
The disruption tightened supply and pushed ex-depot petrol prices in Lagos to as high as N1,275 per litre, compared with Dangote Refinery’s previous gantry price of N1,075 per litre before sales were suspended.
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, prompting its temporary switch to dollar-denominated sales.
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, while diesel prices surged 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, rising 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. Liquid Bulk, Masters Energy, Matrix and Sigmund all raised petrol prices by between N15 and N17 per litre to N1,280, while TSL did not quote a new price.
Meanwhile, fresh increases in the pump price of petrol, to an average of N1,350 per litre from N1,260 per litre across filling stations in Lagos and its environs have heightened concerns over the rising cost of living, with millions of Nigerians expected to face higher transportation, food and business costs.
Checks by Vanguard showed several retail outlets adjusted their pump prices to between N1,300 per litre and N1,400 per litre following increases in ex-depot prices by depot owners, pushing fuel costs to their highest levels in recent months.
