After lowering the price of the commodity, the Dangote Petroleum Refinery has amended its petrol price back to ₦1,175 per litre hours.
It was understood that the surge has caused depot operators nationwide to temporarily halt their sales.
Prior to March 10, 2026, the refinery has decreased 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.
Due to the refinery’s price hike, depot operators, who had begun selling at an average price of ₦1,100 per litre, immediately halted their sales activities.
In order to balance stock levels and adapt to the new price structure, the refinery has also temporarily stopped loading operations.
This update is a reaction to the recent spike in the price of crude oil worldwide, which directly affects 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 conflict 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 rising energy prices on Nigerians.
Edun stated that rather than meddling in the market-driven price of petroleum goods, the government will take steps like increasing the usage of compressed natural gas for automobiles.
He claims that 100,000 more compressed natural gas conversion kits have already been approved by President Bola Tinubu to assist drivers in transitioning from gasoline to CNG.
He clarified that CNG is a more cost-effective option because it only costs 25–30% of the price of gasoline.
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