Petrol prices at private depots across Nigeria have surged, reaching and exceeding N800 per litre. This sharp increase follows the confirmation of a planned strategic shutdown of a key petrol-producing unit at the Dangote Petroleum Refinery.
Market Reacts to Refinery Maintenance News
Data from Petroleumprice.ng shows a significant reversal from the lower rates seen recently in major hubs like Lagos, Port Harcourt, Warri, and Calabar. As of Friday, January 1, 2026, only six depots were selling below the N800 mark. This marks a swift end to the period of price reductions that began when Dangote Refinery slashed its ex-depot price to N699, prompting private depot owners to lower their rates to between N725 and N773 per litre.
Market operators explain that the current repricing reflects a fundamental shift in strategy. Traders are moving away from spot-driven pricing to an anticipatory risk valuation model, factoring in expected supply constraints from the refinery's maintenance activities.
Top Depot Prices Post-Shutdown Announcement
The latest data reveals the new price landscape at private depots. Leading the list is Pinnacle Oil and Gas Limited, selling at N840 per litre. A cluster of depots, including Soroman, Matrix (Port Harcourt and Warri), and Northwest, are selling at N805. Others like Sigmund, Masters, Parker, Integrated, and Eterna are priced between N802 and N800 per litre.
Dangote Confirms Strategic Shutdown for Upgrade
The price hike is a direct response to Dangote Refinery's confirmation of a planned turnaround maintenance on its petrol unit. According to industry reports, the refinery's residue fluid catalytic cracker (RFCC) has been taken offline. Furthermore, the crude distillation unit (CDU) is scheduled to be suspended for a few days in January 2026.
Devakumar Edwin, Vice President of Dangote Industries, clarified the move in a statement to Platts. He described the shutdown as strategic rather than disruptive, aimed at removing production bottlenecks. "In most departments, our production levels have gone beyond 100%. We just need to remove constraints to raise overall output," Edwin stated.
The primary goal of this maintenance is to increase the refinery's CDU capacity from 650,000 barrels per day to 700,000 bpd. This upgrade will further cement Dangote Refinery's status as the world's largest single-train refinery.
Implications for Retail Pump Prices and Market Stability
Industry analysts warn that with most private depots now selling Premium Motor Spirit (PMS) at N800 per litre, retail pump prices are likely to remain under upward pressure until refinery operations stabilize post-maintenance. While the refinery can still produce limited petrol volumes from secondary units during this period, depot owners are pricing in anticipated shortages.
The market's hope for relief hinges on the successful completion of the upgrade. If output ramps up as planned in early 2026, the current pricing pressure could ease. This situation underscores the refinery's pivotal role in Nigeria's fuel supply chain since becoming operational.
In a related development, the Nigerian National Petroleum Company Limited (NNPCL) has been adjusting its prices to stay competitive. The state oil company recently reduced its pump price to N785 per litre in Lagos, marking its third reduction in one week. This move brings it closer to the N739 retail price offered by MRS Oil filling stations.
