BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain

Published

1 month ago

March 9, 2026

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BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain—-Dangote Petroleum Refinery has revised its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS), or petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has been raised to ₦1,620 per litre.

The latest revision marks the fourth consecutive price review in less than two weeks amid global market volatility, according to a report by Petroleumprice.ng.

Quoting industry sources, the report noted that the new pricing template has been communicated to marketers, following earlier adjustments this month.

Under the revised structure, the ₦1,175 per litre petrol price reflects a significant jump from the previous ₦995 per litre, while diesel has surged sharply from its prior ₦1,430 per litre level, underlining the continued upward trend in domestic fuel pricing.

The development is likely to have a ripple effect across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.

The refinery had yet to issue an official statement on the development as of the time of filing this report.

Oil prices soared 30 per cent today on fears about supplies from the Middle East, as the US-Israeli war against Iran continued into a second week with no sign of letting up.

Fears grew that the Middle East conflict could last for some time after US President Donald Trump said only the “unconditional surrender” of Iran would end the war.

He added at the weekend that the spike in prices was a “small price to pay” to eliminate Iran’s nuclear threat, reiterating the White House’s insistence that the rise is temporary.

Since the beginning of the war, WTI is up more than 75 per cent and Brent more than 60 per cent.

Attacks on oilfields were reported in southern Iraq and in the northern autonomous Kurdistan region, which forced a US-run oilfield to cease production, while the United Arab Emirates and Kuwait have started reducing output.

That came with maritime traffic in the Strait of Hormuz — through which a fifth of global crude and gas passes — halted since the war began on February 28.

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JUST IN: Donald Trump Threatens NATO Exit After Rift Over Iran War

Published

2 weeks ago

April 1, 2026

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JUST IN: Donald Trump Threatens NATO Exit After Rift Over Iran War—-US president Donald Trump brands alliance a “paper tiger” and lashes out at Britain as Keir Starmer defends NATO.

Donald Trump says he is strongly considering pulling the United States out of North Atlantic Treaty Organization after allies refused to support US military action against Iran.

In an interview with Britain’s Daily Telegraph, Trump described NATO as a “paper tiger” and said removing the US from the alliance was now “beyond reconsideration.” He accused European allies of failing to back Washington during the conflict with Iran and criticised their refusal to send warships to help reopen the Strait of Hormuz.

Trump also took aim at Britain, mocking the state of its navy and criticising Prime Minister Keir Starmer’s focus on renewable energy.

“You don’t even have a navy,” Trump said. “All Starmer wants is costly windmills.”

Starmer responded by insisting Britain remains fully committed to North Atlantic Treaty Organization, calling it “the single most effective military alliance the world has ever seen.” He said his government would continue to act in Britain’s national interest despite mounting pressure from Washington.

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JUST IN: Dangote Refinery Increases Petrol Price as Middle East Tensions Put Upward Pressure on Crude

Published

1 month ago

March 2, 2026

thecloudngr

JUST IN: Dangote Refinery Increases Petrol Price as Middle East Tensions Put Upward Pressure on Crude—Dangote Refinery has increased its Premium Motor Spirit gantry price.
The 650,000-barrel-per-day refinery increased its petrol price to N874 per litre, up from N799.

This means that the African’s largest refinery adjusted its petrol price by N75 per litre on Monday.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed Dangote Refinery’s price hike to Newsmen exclusively on Monday.

According to him, the move comes amid a hike in global crude oil prices following the Iran-United States-Israel conflict escalation in the past three days.

“It is due to global crude oil price volatility following the Iran-US-Israel war. It is the ripple effect of ongoing conflict,” he told Newsmen.

According to him, the development would trigger a retail fuel price hike nationwide.

The Genius Media Nigeria reports that on Monday, Brent and West Texas Intermediate crude blends rose to $78.50 and $71.84 per barrel, respectively, up from $72.87 and $67.02 on Saturday.

Recall that on January 27, Dangote Refinery had hiked its petrol price by N100 per litre to 799 per liter.

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