Fuel crisis emerges as Dangote refinery hikes petrol prices again
Dangote Refinery Raises Petrol Prices Again
The Dangote Refinery has increased the ex-depot price of Premium Motor Spirit (petrol) to N1,350 per litre. This marks a N75 increase from the previous rate of N1,275 per litre. The change was confirmed on Wednesday, May 6, 2026, by a senior refinery official and data from Petroleumprice.ng.
According to insiders, the new price has already been applied across all loading points, meaning fuel marketers are quickly revising their own prices. The adjustment reflects ongoing pressure from supply challenges and rising operational costs, rather than being a one-off decision.
Supply Pressures and Market Realities
Industry sources say the increase is tied to a mix of factors, including tighter fuel supply, rising logistics expenses, and global crude oil price movements. Earlier in the week, the temporary suspension of pro forma invoices (PFI) reportedly reduced product availability, further pushing prices upward.
One official explained that once supply tightens and costs increase across the chain, depot prices are almost certain to rise. This latest hike follows another recent increase from N1,200 to N1,275 per litre, making it the second N75 rise within just seven days.
Impact on Nigerians and the Economy
Despite these increases, a senior executive within the Dangote Group has said the refinery has been absorbing some costs by subsidising petrol and diesel for the local market. Still, frequent price changes highlight how sensitive Nigeria’s fuel market remains to both local and international factors, even as domestic refining begins to reduce reliance on imports.
The latest hike is expected to push pump prices higher nationwide, as marketers pass the added costs on to consumers. For many Nigerians, this means higher transport fares and increased prices for goods and services, adding more strain to already rising living expenses.
Additional Price Increases by Other Marketers
Meanwhile, reports indicate that the Nigerian National Petroleum Corporation (NNPC) has also raised petrol prices in filling stations. Earlier, it was reported that the NNPC increased petrol prices to N1,320 per litre in Lagos and N1,364 per litre in Abuja due to rising supply costs.
Other marketers, including MRS Oil Nigeria Plc and BOVAS Group, have also raised their prices to around N1,365–N1,370 per litre. The hike follows a price increase by Dangote Refinery, driven by higher global crude oil prices above $115 per barrel.
