Petrol prices at private depots across Nigeria have climbed to between N1,200 and N1,230 per litre following the suspension of gantry loading at the Dangote Petroleum Refinery. The refinery reportedly halted operations on Wednesday afternoon to reassess its pricing and transaction framework, which recently shifted from naira-based settlements to dollar-denominated invoicing.

While the refinery has not issued an official statement, the suspension has triggered preemptive price hikes across major depots in Lagos, Warri, Port Harcourt, and Calabar. Industry experts suggest the shift to dollar pricing is a measure by the refinery to align its revenue with the cost of its feedstock, though stakeholders like the Independent Petroleum Marketers Association of Nigeria have warned that this move increases the risk of further pump price inflation and the informal dollarisation of the domestic fuel trade.