Dangote Refinery’s fuel price hits an all-time-high, rising from ₦699 to ₦1,175 in four months

Fuel prices from Dangote Refinery reached an all-time high of ₦1,175 per litre in March 2026.

The lowest recorded price in the period was ₦699 per litre in December 2025, showing a wide price swing.

The jump from ₦699 to ₦1,175 happened in roughly four months.

Prices earlier in the timeline hovered mostly between ₦820 and ₦987 during late 2024 and much of 2025.
The December 2025 price cut was aimed at making locally refined fuel more competitive against imports.
After the price drop, fuel costs began rising again in early 2026, reaching ₦995 by early March before climbing further.
Global geopolitical tensions affecting oil markets contributed to the upward pressure on prices.

After dropping to ₦699 per litre in December 2025, Dangote Refinery’s fuel price surged within just a few months to ₦1,175 per litre by March 2026, the highest level recorded since September 2024.

In late 2025, prices fell sharply as the refinery cut rates to compete with imported fuel and expand its market share. But by early 2026, the trend reversed. Prices climbed rapidly through March, crossing ₦995, then ₦1,100, and eventually reaching ₦1,175, reflecting renewed pressure in the global oil market and rising supply uncertainties.

Part of that pressure comes from global geopolitics. Escalating tensions linked to the Iran–Israel conflict have rattled oil markets, pushing crude prices upward and tightening supply routes. Even though Nigeria refines fuel locally, crude is still priced globally, meaning international shocks still feed into domestic fuel costs.

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