Private petroleum depot owners across Nigeria have increased the ex-depot price of petrol to as high as N800 per litre following reports of a planned maintenance shutdown at the Dangote Petroleum Refinery. The price hike represents a significant jump from previous weeks when rates sat between N710 and N780 per litre at major depots including Rainoil Optima and AYM Shafa.
The latest market volatility began over the weekend as news spread that the 650,000 barrel per day refinery might pause its petrol unit for upgrades. While Dangote and Aiteo maintained lower ex-depot prices of N702 and N740 respectively many private players adjusted their rates upward. In Lagos Eterna and Integrated depots reportedly raised petrol prices to N800 per litre on Friday January 2 2026 marking a sharp increase from mid-December levels.
Industry analysts have described the price uptick as a calculated move by marketers and importers to recoup losses suffered in late 2025. In December the Dangote Refinery aggressively slashed its gantry price from N828 to N699 per litre forcing private depots to lower their prices and sell existing stock below landing costs. Traders are now reportedly postulating that a temporary supply constraint in January could provide an opportunity to restore profit margins.
Officials at the Dangote Refinery have moved to calm the market by dismissing claims of a complete shutdown as false. While Vice President Devakumar Edwin confirmed that the refinery is undergoing a turnaround to expand capacity from 650,000 to 700,000 barrels per day he stated that production is still ongoing. The refinery reported loading 43.3 million litres of petrol on Saturday alone which represents about 50 percent more than the estimated daily consumption of the entire country.
Despite these assurances and the refinery’s claim to have over 20 days of national consumption in stock retail pump prices have remained high. As of Monday morning petrol is selling between N739 and N910 per litre at various filling stations across the federation. The Nigerian National Petroleum Company Limited (NNPC) continues to supply its own retail outlets at competitive rates while marketers warn that ex-depot hikes will eventually reach the pumps if supply tightness persists.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the public to avoid panic buying and patronize stations selling products at the recommended Dangote parity price of N739. The regulator NMDPRA is expected to monitor the situation to ensure that the planned technical upgrades at the Lekki based plant do not lead to artificial scarcity or further price gouging by middlemen.
