Following a price reduction, the Dangote Petroleum Refinery has changed its fuel price back to ₦1,175 per litre hours.
It was understood that depot operators nationwide had to temporarily halt sales as a result of the hike.
On March 10, 2026, the refinery cut the ex-depot price of Premium Motor Spirit (PMS), also known as gasoline, by ₦100, making it ₦1,075 per litre instead of ₦1,175.
The refinery’s price rise caused depot owners, who had begun selling at an average of ₦1,100 a liter, to immediately halt their sales transactions.
Additionally, the refinery has temporarily stopped loading in order to balance stock levels and adapt to the new price structure.
This update is a reaction to the recent spike in the price of crude oil worldwide, which has directly affected refining expenses. The price of Brent crude has increased from $91 to $100 per barrel.
In the meantime, Nigeria’s federal government has stated that it will not step in to control petrol prices despite the volatility in the world’s oil markets brought on by growing geopolitical tensions. This is due to the unrest in the Middle East following the war between Iran and American-Israeli forces.
In an interview with Channels Television on Wednesday, Wale Edun, the Minister of Finance, said that the government would instead implement policies to lessen the impact of growing energy prices on Nigerians.
Instead of intervening with the market-driven pricing of petroleum products, Edun stated that the government will take steps like increasing the usage of compressed natural gas for automobiles.
He claims that President Bola Tinubu has already authorized the distribution of an additional 100,000 compressed natural gas conversion kits to assist drivers in making the move from gasoline to CNG.
He clarified that CNG is a more cost-effective option because it only costs 25 to 30 percent of the price of gasoline.
