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After lowering the price of the product, the Dangote Petroleum Refinery increased its fuel price back to ₦1,175 per litre.
It was understood that the rise has caused depot operators across to temporarily halt their sales.
On March 10, 2026, the refinery cut the ex-depot price of Premium Motor Spirit (PMS), commonly referred to 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 price of ₦1,100 per litre, to instantly halt their sales activities.
In order to balance stock levels and adapt to the revised price regime, 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 has directly impacted refining costs. The price of Brent crude has increased from $91 to $100 per barrel.
In the meantime, the federal government of Nigeria 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 growing energy prices on Nigerians.
Edun stated that instead of 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 making the move from gasoline to CNG.
He clarified that CNG is a more economical option because it only costs 25 to 30 percent of the price of gasoline.
