Dangote Refinery Adjusts Wholesale Rates as Petrol Hits N1,330 and Diesel Soars to N1,800 in Lagos, Ogun

Petroleum marketers across Lagos and Ogun states have commenced a fresh round of pump price increases, pushing Premium Motor Spirit (PMS) to between N1,330 and N1,350 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has surged to as high as N1,800 per litre at several independent retail outlets. The market shift follows an upward revision in wholesale ex-depot and gantry prices by the multi-billion-dollar Dangote Petroleum Refinery in Lekki.

Commercial drivers and private vehicle owners in key commercial hubs—including Ikeja, Ojota, Abeokuta, and along the Lagos-Ibadan expressway—woke up to revised meter displays on fuel dispensers. According to operational reports from major distribution corridors, independent marketers cited higher procurement costs at the refinery gates as the primary driver behind the rapid recalibration of retail prices.

Industry sources suggest that wholesale gantry adjustments reflect broader supply chain expenses, foreign exchange fluctuations impacting import components of refining chemicals, and prevailing crude oil benchmark costs. Consequently, retail pricing dynamics have adjusted almost instantaneously across non-aligned filling stations, with major oil marketing companies gradually reflecting similar upward trends.

The price surge has reignited long-standing tensions surrounding energy pricing transparency in a fully deregulated downstream sector. While the federal government maintains that market forces must dictate energy supply costs, daily commuters and transport unions report severe disruptions to their daily operating margins.