The Dangote Petroleum Refinery has revised its petrol price back to ₦1,175 per litre hours after it reduced the price of the product.
The increase has resulted in depot operators across the country pausing their sales temporarily.
The refinery had previously lowered the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, by ₦100, bringing it to ₦1,075 per litre on March 10, 2026, reduced from the earlier price of ₦1,175 per litre.
Depot operators, who had started selling at an average price of ₦1,100 per litre, immediately paused their sales transactions due to the refinery’s increase in price.
The refinery has also temporarily halted loading operations to reconcile stock levels and adjust to the updated pricing framework.
This revision is a response to the recent increase in global crude oil prices, which have risen from $91 to $100 per barrel for Brent crude, directly influencing the costs of refining.
Meanwhile, amid the fluctuating price of petrol, driven by unrest in the Middle East following the war between Iran and American-Israeli forces, the federal government of Nigeria has declared that it will not intervene to regulate petrol prices despite the volatility in global oil markets caused by escalating geopolitical tensions.
The Minister of Finance, Wale Edun, disclosed this in an interview on Channels Television on Wednesday, stating that the government would instead introduce measures to cushion the impact of rising energy costs on Nigerians.
Edun said the government would pursue initiatives such as expanding the use of compressed natural gas for vehicles rather than interfering in market-driven pricing of petroleum products.
According to him, President Bola Tinubu has already approved the provision of 100,000 additional compressed natural gas conversion kits to help motorists switch from petrol to CNG.
He explained that CNG costs about 25 to 30 per cent of the price of petrol, making it a more affordable alternative.
