[REVISION HISTORY]

Dangote refinery expansion, price cuts, $5B IPO

Updated 18 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-12 12:54 UTC → 2026-09-13 15:17 UTC · added ~~removed~~

Since commissioning, Dangote Petroleum Refinery has reshaped Nigeria’s energy landscape, supplying approximately 80% of domestic petrol demand. The company is advancing a $5 billion initial public offering (IPO) targeted for an October 2026 listing on the Nigerian Exchange. To support this, the refinery secured a $1 billion underwriting programme, including a $600 million private placement, to fund its ‘Vision 2030’ plan to expand the Lagos plant to 1.4 million barrels per day by 2028. Operational developments have introduced significant market volatility. Following a price hike on August 26, 2026, where the refinery increased its Premium Motor Spirit (PMS) gantry price to N1,200 per litre, retail prices reached between N1,250 and N1,300 per litre. By early September 2026, the refinery restricted PMS sales to six major marketers to protect domestic refining investments. Market pressures intensified as rising global Brent crude prices increased the landing cost of PMS, prompting the refinery to raise its gantry price to N1,265 per litre. ~~Following SEC approval, the refinery has formally initiated its landmark IPO, which is expected to be~~ As the ~~largest in Africa’s history. The offering consists of 4.1 billion ordinary shares priced at ₦525 per share, aiming to raise approximately ₦2.15 trillion ($1.6 billion). The~~ IPO subscription window ~~is scheduled to run from~~ approaches (scheduled for September 14 to October 13, ~~2026. To democratize ownership, the refinery is~~ 2026), Aliko Dangote has emphasized an inclusive approach, prioritizing ~~small-scale~~ retail ~~investors~~ and ~~has approved approximately 40~~ small-scale investors with a minimum subscription ~~channels,~~ of 10 shares (N5,250). To facilitate this, 32 authorized channels have been approved, including ~~banks,~~ 19 banks such as Zenith Bank, FirstBank, and Access Bank, alongside various fintech ~~companies,~~ and mobile ~~network operators. This follows a significant financial turnaround in the first half of~~ money platforms. However, rising international crude costs have triggered further domestic price volatility. Effective September 12, 2026, ~~where~~ the refinery ~~reported~~ increased its PMS ex-depot price from N1,265 to N1,350 per litre, marking its fourth hike in less than a ~~net profit of $1.82 billion on revenue of ₦19.13 trillion.~~ month. This surge, driven by Brent crude climbing above $100 per barrel due to Middle East tensions, has pushed retail prices in Lagos and Abuja to between N1,400 and N1,450 per litre.

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