DANGOTE-REFINERY
Tosin Ogunrinde
Dangote Petroleum Refinery has rolled back its earlier petrol price hike, *restoring the ex-depot gantry price to ₦1,275 per litre* just hours after announcing an increase to ₦1,350 on May 6, 2026.
The refinery had briefly raised the price by ₦75 earlier on Wednesday, marking its third upward adjustment within a week and the second ₦75 hike in seven days. The move triggered immediate reactions across the downstream market, with marketers already repositioning for higher retail prices.
But the adjustment was suspended shortly after, following a sharp drop in global crude oil prices. As of Wednesday morning, *Brent crude fell to $101.7 per barrel* and *WTI to $94.11*, down about 7.5–8% in a single session. Industry sources said the reversal was a direct response to the sudden decline in international crude benchmarks.
A senior Dangote official confirmed the reversal, saying “the earlier adjustment has been reversed. We have returned the gantry price to ₦1,275 per litre”. The decision has helped calm nerves among downstream marketers who had begun adjusting their pricing templates in anticipation of a higher cycle. 98901cda
Despite the depot-level rollback, retail pump prices have already climbed in some areas. Checks in Lagos showed several filling stations selling petrol as high as ₦1,400 per litre, reflecting the lag between depot and retail adjustments. NNPC outlets are currently selling between ₦1,320 in Lagos and ₦1,395 in Yobe.
The volatility comes against the backdrop of ongoing geopolitical tensions in the Middle East and supply disruptions around the Strait of Hormuz, which had earlier pushed Brent to $115 per barrel and driven Dangote’s gantry price from ₦1,200 to ₦1,275 last week. Analysts say Nigeria’s deregulated market remains sensitive to global crude swings, even with local refining in play.
