LAGOS – Ex-depot petrol prices across Nigeria have surged following the collapse of the “Naira-for-Crude” policy, as the Dangote Petroleum Refinery transitioned to a strict dollar-only sales model.
Effective July 13, 2026, the refinery canceled all existing Naira invoices, establishing new benchmarks at $0.779 per litre for petrol, $1.087 for diesel, and $0.942 for aviation fuel.
The policy shift triggered immediate panic, forcing local oil marketers to scramble for foreign currency to make gantry liftings, driving up local depot rates within hours.
Matrix Depot in Port Harcourt implemented the highest surge, raising its petrol loading price by N113 per litre to hit a record-breaking N1,250 from its previous price of N1,137.
In Warri, Matrix increased its loading price by N110, moving from N1,120 to N1,230 per litre, while Lagos-based depots like Sahara and AIPEC moved up to N1,120.
Heavy logistics also took a hard hit as diesel prices at independent depots spiked by up to N150, pushing the commercial product to a high of N1,650 per litre.
The collapse of this October 2024 initiative means domestic fuel prices are now pegged directly to foreign exchange rates, heightening nationwide inflation concerns.
