Dangote Refinery and Depot Owners Suspend Petrol Loading Amid Global Oil Price Hikes
Nigeria's fuel market has entered a period of significant disruption as the Dangote Petroleum Refinery and numerous depot operators suspended petrol loading operations effective midnight on March 2, 2026. This decisive move was triggered by a sharp overnight surge in global crude oil prices, which soared past the $80 per barrel mark, creating immediate pressures on domestic fuel supply chains.
Industry-Wide Suspension and Strategic Adjustments
Industry checks have confirmed that Premium Motor Spirit, commonly known as petrol, is no longer being loaded at the Dangote facility following the suspension. The halt has also extended to the issuance of Proforma Invoices, effectively freezing new petrol transactions for marketers who rely on the refinery for supply. However, this operational adjustment is limited to petrol; Automotive Gas Oil, widely referred to as diesel, continues to load without disruption, indicating a strategic pause rather than a complete shutdown of refinery activities.
This decision by Dangote has set off a ripple effect across Nigeria's downstream petroleum sector. Several private depot owners in major fuel hubs nationwide have followed suit, suspending petrol sales during the trading day. Market sources report that traders and marketers are adopting a cautious stance, reassessing their pricing structures amid fears of higher replacement costs. This synchronized slowdown underscores the deep sensitivity of Nigeria's fuel market to global crude price fluctuations, as highlighted in recent industry reports.
Diesel Prices Surge in Lagos as Petrol Supply Slows
While petrol transactions have slowed dramatically, limited diesel sales have been recorded in Lagos depots, with prices jumping sharply. Automotive Gas Oil is now being sold at around N1,100 per litre, a significant increase from the average N890 per litre observed just days earlier. This swift adjustment demonstrates how quickly international oil price movements are transmitted into domestic refined product costs, adding fresh pressure to operating expenses for businesses reliant on diesel, such as manufacturers and transport operators.
Emerging Petrol Prices and Market Variations
Despite the temporary suspension of sales, fresh depot pricing data has begun to surface, revealing new petrol rates. According to market findings, Pinnacle and Rainoil in Lagos are now selling petrol at N900 per litre. Eterna's rate stands at N792 per litre, while A&E is offering supply at N807 per litre. This variation in prices reflects differing stock positions and cost calculations among operators, with analysts suggesting that further adjustments could follow as market players respond to evolving global conditions.
Geopolitical Tensions Fueling Global Oil Rally
Experts attribute the sudden crude oil surge to escalating geopolitical tensions in the Middle East, where instability threatens key supply routes. Global benchmarks have climbed sharply, sparking fears that prices could average $90 per barrel if the crisis persists. For Nigeria, which still relies heavily on imported refined products despite growing domestic capacity, such spikes have immediate consequences. Industry observers warn that sustained global volatility may translate into higher pump prices in the coming weeks, urging Nigerians to prepare for a period of elevated energy costs.
Federal Government's New Conditions for Petrol Imports
In related developments, Nigeria's downstream petroleum sector is entering a new phase as the Federal Government moves to fine-tune the framework guiding petrol imports. This comes as the Dangote Refinery releases updated Premium Motor Spirit prices. Fresh deliberations were held on February 20, 2026, at a high-level stakeholders' meeting convened by the Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority. The session, led by Engr. Saidu Aliyu Mohammed, brought together key industry players, including members of the Depot and Petroleum Products Marketers Association of Nigeria, to address these pressing market challenges.
