The Dangote Petroleum Refinery has once again adjusted the price of petrol, increasing the ex-depot rate to ₦1,175 per litre only hours after previously reducing the cost of the product.
The sudden price revision has created uncertainty in the downstream petroleum market, with several depot operators reportedly suspending sales temporarily while awaiting clarity on the new pricing structure.
Earlier in the week, specifically on March 10, 2026, the refinery had announced a ₦100 reduction in the ex-depot price of Premium Motor Spirit (PMS)—commonly referred to as petrol—bringing the cost down to ₦1,075 per litre from the earlier ₦1,175 per litre.
Following the reduction, depot operators began distributing the product at an average price of around ₦1,100 per litre. However, the latest increase by the refinery forced many marketers to halt transactions and review their pricing, leading to temporary disruptions in supply at depots.
Sources in the petroleum distribution chain also revealed that the refinery paused loading operations for a short period in order to reconcile its inventory and align stock levels with the revised pricing policy.
Industry analysts say the decision to raise prices is largely linked to rising international crude oil prices, which directly affect refining costs. The price of Brent Crude recently climbed from $91 to about $100 per barrel, placing additional pressure on fuel pricing across global markets.
The volatility in crude prices has been further intensified by geopolitical tensions in the Middle East, particularly the ongoing conflict involving Iran and allied forces of Israel and the United States. The situation has unsettled global oil markets and contributed to the fluctuating cost of petroleum products.
Despite the instability in petrol prices, the Nigerian government has reiterated that it will not impose price controls on the product.
The Minister of Finance, Wale Edun, stated during an interview on Channels Television that the government intends to maintain a market-driven pricing system for petrol rather than intervening directly.
According to him, the administration of Bola Tinubu is focusing on alternative energy initiatives aimed at reducing the burden of rising fuel costs on Nigerians.
One of the key measures includes expanding the adoption of Compressed Natural Gas (CNG) for vehicles. The government has approved the distribution of 100,000 additional CNG conversion kits to encourage motorists to switch from petrol-powered engines to gas-powered alternatives.
Edun explained that CNG is significantly cheaper than petrol, costing between 25 and 30 percent of the price of petrol, making it a more economical option for transportation and helping households and businesses cope with the increasing cost of energy.
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