Dangote Refinery Increases Petrol Price Back to ₦1,175 per Litre as Crude Oil Price Surpasses $100

Following the recent increase in crude oil prices that sold above $100, Dangote Refinery has also reflected this change in its latest price.

According to reports, on March 13, 2026, Dangote Refinery added 100 naira to its gantry cost of fuel per litre, which captures the recent increase in the price of crude oil, which soared from $80 dollars to above $100.

This development is the latest in the recent changes in fuel prices, which recently sold for over 1,300 amidst the conflict that has rocked the US-Iran war, which has destabilised the production and supply of crude oil for the Middle East.

Recall that the Dangote Petroleum Refinery earlier reduced petrol prices to ₦1,075 per litre and diesel to ₦1,430 per litre following a recent drop in global crude oil prices, offering potential relief to fuel distributors and consumers in Nigeria.

The latest increase reflects the volatility of the global oil market, which is expected to have far-reaching economic and market impact globally. On March 12, 2026, American media reported that the nation's stock market lost over $800 bilion in the opening hours following the fluctuation of oil prices.

So far, Dangote Refinery has appeared to be open to adjusting the price of its product in line with the price of crude oil. The Refinery, which can produce up to 600,000 barrels daily, is the biggest in Africa and one of the largest in the world. The refinery currently caters to Nigeria's daily consumption, which is partly why the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has not issued any new oil importation license since 2025.

In the press release addressing the previous increase in price, Dangote Refinery blamed it on the rising global cost of sourcing crude oil. With the Nigerian National Petroleum Corporation Limited unable to meet Dangote Refinery's crude oil demand, the refinery purchases a bulk of its crude oil abroad, and the global shortage has increased its production cost.

The current instability in prices could lead to a continuous hike in the prices of goods and services. Since the initial increase in fuel prices of Dangote's fuel from ₦774 to ₦874 per litre, Nigerians have taken to social media to complain about a hike in transportation costs.

It also appears unlikely that the price would drop below ₦1000 anytime soon after the Iranian Military announced its intention to stop ships from accessing the Strait of Hormuz, which is a key route in the supply of crude from the Middle East to the rest of the world.