Lagos Private Depots Announce New Petrol Prices as Dangote Supply Tightens
Petrol prices at private depots in Lagos have undergone another significant adjustment, with rates climbing as major operators grapple with tightened supply following the suspension of gantry sales at Dangote Refinery. This development coincides with a strengthening in global crude oil markets, where Brent crude has surged above $72 per barrel, marking its highest level in approximately six months.
Sharp Increase in Depot Prices
Industry checks reveal that petrol linked to Dangote Refinery is now trading at N800 per litre at Lagos depots, a notable increase from the N775 per litre recorded just the previous day. This price hike is largely driven by independent marketers who previously purchased fuel at lower rates and are now reselling at a premium, citing supply uncertainty and replacement cost risks.
According to reports from Petroleumprice.ng, the suspension of gantry sales at Dangote Refinery, coupled with tightened supply, is the primary catalyst for these changes. Marketers who bought petrol at N774 to N775 per litre have raised their resale prices to N800, implementing a buffer due to concerns that new stock may not be readily available in the short term.
Current Lagos Depot Price List
As of Thursday, February 19, 2026, depot prices across Lagos were as follows:
- Pinnacle – N803 per litre
- Dangote (marketer resale) – N800 per litre
- Wosbab – N800 per litre
- Rainoil – N800 per litre
- Shellplux – N800 per litre
The simultaneous adjustments across multiple depots indicate that traders are factoring in short-term supply risks following Dangote's decision to halt gantry loading earlier in the week. This has shifted market sentiment upward, with depot activity remaining cautious as traders closely monitor refinery communications.
Market Expectations and Global Influences
Industry observers note that the next 72 hours will be critical in determining whether the N800 per litre level is a temporary spike or becomes the baseline for further price adjustments. The extent of future increases will largely depend on how quickly Dangote resumes gantry loading operations and whether depots in Calabar and Warri return to the market to alleviate supply pressures.
Internationally, oil benchmarks have advanced strongly this week, with Brent crude trading above $72 per barrel and U.S. West Texas Intermediate hovering around $67. These price gains have been further supported by rising geopolitical tensions between the United States and Iran, which have introduced additional risk sentiment into the crude market. The U.S. Administration has warned Iran that it would be "very wise" to make a deal as diplomatic efforts continue.
Dangote Refinery's Production Milestone
In related news, Dangote Petroleum Refinery recently achieved full production capacity of 650,000 barrels per day, marking a significant milestone in Nigeria's oil sector. Following scheduled maintenance on the Crude Distillation Unit and MS Block, the refinery conducted a rigorous 72-hour performance test in partnership with global licensor UOP to validate operational efficiency and ensure alignment with international standards.
Chief Executive Officer David Bird described the outcome as a strong demonstration of engineering excellence and operational discipline. This achievement comes at a time when the refinery's supply decisions are having immediate impacts on downstream market dynamics in Lagos and beyond.
The combination of halted sales, evacuation directives, and resale markups has created a volatile environment for petrol pricing in Nigeria's commercial capital. Market watchers will continue to monitor developments closely as supply chain disruptions and global oil price movements shape the economic landscape for consumers and businesses alike.
