Economic Shock: Petrol Depot Prices Hit ₦1,350 as Dangote Refinery Shifts to Dollar Template

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By Ayekooto Media Economic Desk July 20, 2026

 

Nigerians are bracing for yet another catastrophic blow to their purchasing power, as the downstream petroleum sector faces a dual crisis of international geopolitics and domestic corporate restructuring. 


Over the weekend, the Independent Petroleum Marketers Association of Nigeria (IPMAN) temporarily halted bulk purchases following a terrifying surge in depot prices. The cost of Premium Motor Spirit (PMS) abruptly skyrocketed from ₦1,230 to a suffocating ₦1,350 per litre. Consequently, retail pump prices are anticipated to hover between ₦1,380 and ₦1,400 nationwide within the coming days.


The trigger for this hike is twofold. Globally, the resumption of US-Iran hostilities over the Strait of Hormuz has severely disrupted maritime oil trade, sending ocean freight rates through the roof. 


Domestically, the situation has been compounded by a controversial policy shift at the Dangote Refinery. Once heralded as the ultimate shield against import-cost volatility, the mega-refinery recently switched its pricing template from the Naira to US Dollars, citing severe mismatches in foreign exchange acquisition. 


For the average Nigerian citizen already strained by inflation, this development is not just a market signal—it is an economic sentence. 


David Alani Ige

Publisher/ Editor-in-Chief Ayekooto Media

Publisher@ayekootomediang.com 

 Phunshor01@gmail.com 


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