- Dangote Refinery Raises Petrol Ex-Depot Price to ₦1,350 Per Litre
- Fuel prices rise nationwide amid forex pressure and global oil shifts.
- Federal Government rejects subsidy return and petrol price control policy stance.
The Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit, also known as petrol, by ₦75, raising it to about ₦1,350 per litre from the previous ₦1,275.
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EKO HOT BLOG reports that the adjustment comes months after an earlier increase in April 2026, when the refinery moved the price to ₦1,275 per litre following shifts in global crude oil market conditions.
The latest increase reflects ongoing pressure in Nigeria’s downstream petroleum sector, where pump prices have continued to climb across the country. In several locations, filling stations are already selling petrol close to ₦1,400 per litre.
Industry factors such as rising global crude oil prices, persistent foreign exchange volatility, and supply constraints have been identified as key drivers of the steady increase in fuel costs since the deregulation of the downstream sector.
The latest pricing review was confirmed on Wednesday by a senior official of the Dangote Refinery and the petroleum pricing platform, Petroleumprice.ng.
Meanwhile, the Federal Government has ruled out the return of fuel subsidy, insisting that it will not reverse a policy it believes has long distorted the economy.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made this position known on Tuesday in Paris, France, during a meeting between President Bola Tinubu and global investors.
He also stated that the government would not introduce price controls on petrol, stressing that market forces should be allowed to determine pricing in the sector.
He said, “We will not bring back fuel subsidy because it creates distortions for the economy, and we won’t introduce price control because we believe in the market. The situation in Iran presents new opportunities for us as the world looks to diversify sources of energy and invest in new markets.”
The statement reinforces the government’s continued commitment to full deregulation of the downstream petroleum sector, even as Nigerians face rising fuel costs.
