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  • Dangote Refinery Slashes Petrol Gantry Price by ₦75 to ₦1,175 per Litre

    Dangote Petroleum Refinery has reduced the ex-gantry price of Premium Motor Spirit (petrol) by ₦75 per litre, bringing it down to ₦1,175 effective June 16, 2026. The adjustment was communicated to fuel marketers in a circular issued by the refinery.

    The price cut comes amid easing global crude oil prices following reduced tensions in the Middle East, which had previously driven up energy costs worldwide.

    Global Oil Shift Triggers Adjustment

    According to the refinery, the decision reflects changing international market conditions, particularly the decline in geopolitical risks affecting crude supply and pricing.

    The coastal price per metric tonne was also reduced from ₦1,595,790 to ₦1,495,215. The company noted that any outstanding but undelivered volumes will now be adjusted to reflect the new pricing structure.

    Industry data from Petroleumprice.ng indicates that Dangote Refinery currently offers the most competitive petrol price among major suppliers in the domestic market.

    Impact on Nigerian Fuel Market

    Before this latest adjustment, marketers were reportedly lifting petrol at around ₦1,240 per litre, making Dangote’s new rate significantly lower than prevailing market levels.

    The refinery’s move follows months of instability in global crude prices, previously driven by conflict-related disruptions that pushed Brent crude above $120 per barrel at peak periods.

    During that phase, petrol prices in Nigeria rose sharply, in some locations exceeding ₦1,300 per litre.

    Market Outlook and Expectations

    Recent easing in global tensions, including a ceasefire agreement and partial reopening of key shipping routes, has helped crude prices decline to around $83 per barrel.

    Analysts suggest that if the current trend continues, pump prices in Nigeria could see further reductions, potentially moving closer to ₦900 per litre, although existing higher-cost crude stock may slow immediate transmission to consumers.

    Marketers and consumers have welcomed the development, describing it as a positive signal for easing fuel costs. The Dangote Refinery, with its 650,000 barrels-per-day capacity, continues to reshape Nigeria’s downstream market as reliance on imports gradually declines.

  • Dangote Refinery Drives 96% Drop in Nigeria’s Petrol Imports as Trade Surplus Climbs

    Nigeria recorded a significant decline in petrol imports in the first quarter of 2026, with import expenditure falling by 96 per cent to ₦87.4 billion from ₦2.27 trillion recorded during the same period in 2025.

    The sharp reduction has been linked to increased domestic refining capacity, particularly the growing output from the Dangote Petroleum Refinery, which has become a major supplier of fuel to the local market.

    Domestic Refining Reduces Dependence on Imports

    The 650,000 barrels-per-day Dangote Refinery is now estimated to be supplying about 80 per cent of Nigeria’s petrol requirements, significantly reducing the country’s reliance on imported fuel.

    Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that local refineries supplied approximately 3.18 billion litres of petrol during the first quarter of 2026, while imports accounted for about 965 million litres.

    The development marks a major shift for Nigeria, which for decades depended heavily on imported refined petroleum products despite being one of Africa’s leading crude oil producers.

    Trade Surplus Records Major Growth

    The reduction in petrol imports also contributed to an improvement in Nigeria’s external trade performance.

    According to available data, the country’s trade surplus rose by 341 per cent to ₦7.55 trillion during the quarter, supported by crude oil exports, agricultural exports and growing contributions from refined petroleum products.

    Analysts say lower fuel imports are helping Nigeria conserve foreign exchange and reduce pressure on the naira by cutting demand for dollars used to finance fuel purchases abroad.

    Benefits Yet to Reflect Fully on Consumers

    Despite the gains recorded at the macroeconomic level, many Nigerians continue to face high petrol prices.

    Industry observers note that global oil market conditions, exchange rate pressures and distribution costs remain factors affecting pump prices across the country.

    As a result, many consumers say the reduction in imports and increased local refining have yet to translate into noticeable relief in transportation and living costs.

    Outlook for the Sector

    The expansion of domestic refining is widely seen as a major milestone in Nigeria’s quest for energy self-sufficiency.

    With the Dangote Refinery expected to sustain production and potentially expand capacity in the future, experts believe Nigeria could further reduce fuel imports and strengthen its position as a supplier of refined petroleum products to neighbouring countries.

  • Oluremi Tinubu Says Nigerians Will Benefit From Ongoing Infrastructure Projects

    Nigeria’s First Lady, Oluremi Tinubu, has expressed confidence in the country’s future, saying ongoing infrastructure investments by the federal government will deliver lasting benefits for Nigerians.

    Speaking in a video circulating online, she acknowledged concerns over the rising cost of air travel but noted that expensive flight fares are a global challenge and not peculiar to Nigeria.

    First Lady Addresses Travel Costs

    Senator Tinubu said air transportation costs have increased in several countries, including the United States, prompting the administration to focus on expanding alternative transportation systems.

    According to her, the government is investing in coastal transport routes and rail infrastructure to improve connectivity and ease movement across the country.

    “Nigeria is such a great country and now you can see airports emerging, so I know you will say, ‘Oh, the flights are so expensive,’” she said.

    “Everywhere in the world, even in America, flights are expensive. And that’s why Mr President is doing the coastal routes, not only coastal routes, even trying to have rail lines.”

    Government Continuing Rail Projects

    The First Lady stated that the current administration remains committed to completing rail projects initiated by previous governments.

    She said continuity in infrastructure development is necessary to achieve long-term national growth.

    “And so I know the previous administration started the rail line and, you know, we continue. We continue building,” she added.

    Optimistic About Nigeria’s Future

    Senator Tinubu expressed optimism that ongoing investments in transportation and other sectors would eventually improve the lives of Nigerians.

    She said the country has enormous potential and urged citizens to remain hopeful about the future.

    “Nigeria has a huge future ahead of it and by the grace of God, very soon we all will be beneficiaries of the success of what Nigeria will become,” she said.

  • Dangote Refinery Cuts Petrol, Diesel Prices Again After Recent Increase

    The Dangote Petroleum Refinery and Petrochemicals has announced a fresh reduction in the prices of Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), also known as diesel.

    The latest adjustment comes weeks after the refinery increased its ex-gantry petrol price, a move that triggered reactions across the downstream petroleum sector.

    Petrol Price Reduced by ₦25

    According to the new pricing structure, the refinery has cut the gantry price of petrol by ₦25 per litre.

    The product will now sell at ₦1,250 per litre, down from the previous price of ₦1,275 per litre.

    The reduction is expected to influence retail pump prices in various parts of the country, depending on transportation and distribution costs.

    Diesel Price Drops by ₦100

    The refinery also announced a significant reduction in the price of diesel.

    Automotive Gas Oil will now be sold at ₦1,700 per litre at the gantry, representing a ₦100 decrease from the previous price of ₦1,800 per litre.

    The adjustment is expected to provide some relief for businesses, manufacturers, transport operators and other diesel-dependent sectors.

    Comes Weeks After Price Hike

    The latest development comes about three weeks after reports emerged that the refinery had increased the ex-gantry price of petrol.

    The earlier increase was linked to market dynamics and fluctuations within the global energy sector.

    The new reduction is likely to be welcomed by consumers and industry operators who have continued to grapple with rising energy costs.

    Potential Impact on Consumers

    Industry observers say the reduction could eventually reflect in pump prices if marketers pass on the savings to consumers.

    However, the final retail price will still depend on factors such as logistics, transportation costs, depot charges and market competition.

    The Dangote Refinery remains a major player in Nigeria’s downstream petroleum sector, with its pricing decisions often influencing fuel market trends nationwide.

  • Tinubu Defends Fuel Subsidy Removal, Says Nigeria Escaped Bankruptcy

    President Bola Tinubu has defended his administration’s decision to remove fuel subsidy, stating that the move saved Nigeria from imminent bankruptcy and helped stabilise the economy.

    The President made the remarks on Friday while hosting state governors at his Ikoyi residence in Lagos during Eid-el-Kabir celebrations and activities marking the third anniversary of his administration.

    Tinubu Says Reforms Prevented Economic Collapse

    According to Tinubu, the subsidy removal was a difficult but necessary decision that faced strong opposition, legal battles and public criticism.

    “It was challenging at the time, but we survived. We faced litigation and accusations. We survived them. Instead of bankruptcy, Nigeria has survived. The economy has recovered. It is growing. Agriculture is booming,” the President said.

    He argued that the fuel subsidy regime drained public resources while benefiting only a small segment of the population.

    President Highlights Economic Gains

    Tinubu said ongoing reforms in infrastructure, agriculture, social investments, fiscal management and foreign exchange policies are beginning to produce positive results.

    “I’m glad governors are no longer borrowing from the federal government and asking for interventions and not knowing how to survive, how to pay salaries, no more,” he said.

    The President added that construction projects are progressing nationwide, abandoned roads are being rehabilitated, and the housing sector is experiencing renewed growth.

    He also expressed optimism that Nigeria could achieve food sovereignty if states fully utilise available agricultural land.

    Sokoto-Badagry Highway Cited as Key Project

    Tinubu pointed to the Sokoto-Badagry Super Highway project as a major economic corridor with vast opportunities for agriculture, irrigation and electricity generation.

    “Imagine how many dams on that corridor for irrigation, for farmland, for electricity,” he said.

    The President thanked governors for supporting his administration’s reforms and encouraging Nigerians to remain patient through the economic adjustment period.

    Shettima Praises Tinubu’s Courage

    Vice President Kashim Shettima described the reforms as a bold effort to address long-standing structural problems in the country.

    “You chose not to postpone the surgery. You chose not to massage the wound. You chose to confront the contradictions that have held this country hostage for 50 years,” Shettima said.

    He added that the administration was engaged in the difficult task of rebuilding and repositioning the nation for long-term growth.

    Governors Back Tinubu’s Policies

    Chairman of the Nigeria Governors’ Forum and Governor of Kwara State, AbdulRahman AbdulRazaq, said the reforms had improved state finances and reduced dependence on borrowing.

    “I think the nation was shocked by the audacity of Mr President to implement that serious policy, but today, it has benefited immensely from that policy,” he said.

    Imo State Governor Hope Uzodinma also praised Tinubu’s performance, claiming that governors had assessed the administration positively.

    “You have virtually recovered Nigeria from the brink of collapse to a state of stability and survival,” Uzodinma said.

    Several governors attended the meeting, including those from Lagos, Ogun, Enugu, Delta, Edo, Ondo, Ekiti, Niger, Sokoto, Kebbi, Jigawa, Nasarawa, Taraba, Adamawa, Benue and Kogi states.

  • Petrol Price Jumps To ₦1,532 Per Litre as Diesel Soars 50% in One Month – NBS

    The average retail price of Premium Motor Spirit (PMS), popularly known as petrol, rose sharply to ₦1,532.93 per litre in April 2026, according to the latest Price Watch report released by the National Bureau of Statistics (NBS).

    The figure represents an 18.97 per cent increase from the ₦1,288.54 recorded in March, highlighting the continued pressure on fuel consumers across the country.

    Petrol Records Major Increase

    The NBS report also showed that petrol prices increased by 23.69 per cent on a year-on-year basis, compared to the ₦1,239.33 average recorded in April 2025.

    The latest data underscores the impact of rising energy costs on transportation, businesses, and household spending nationwide.

    Yobe, Edo Top Petrol Price Chart

    State-by-state analysis revealed that Yobe recorded the highest average petrol price at ₦1,599.05 per litre.

    Edo followed closely with ₦1,595.74, while Bauchi recorded ₦1,589.07 per litre.

    On the other hand, Niger State posted the lowest average retail price at ₦1,403.89 per litre. Sokoto and Katsina followed with ₦1,404.16 and ₦1,406.28 respectively.

    South-South Records Highest Regional Cost

    Regional analysis showed that the South-South zone recorded the highest average petrol price in April at ₦1,566.76 per litre.

    The North-West zone had the lowest average retail price at ₦1,508.81 per litre.

    Diesel Price Surges By 50 Per Cent

    The NBS also reported a dramatic increase in the price of Automotive Gas Oil (diesel), which climbed by 50.16 per cent month-on-month.

    Diesel rose from an average of ₦1,648.06 per litre in March to ₦2,474.69 per litre in April.

    Compared to April 2025, diesel prices increased by 43.67 per cent from ₦1,722.45 per litre.

    Nasarawa, Ebonyi Record Highest Diesel Prices

    Nasarawa State recorded the highest average diesel price at ₦2,818.94 per litre.

    Ebonyi followed at ₦2,754.06, while Taraba recorded ₦2,704.76 per litre.

    Kebbi posted the lowest average diesel price at ₦2,180.28 per litre, followed by Kogi at ₦2,192.70 and Katsina at ₦2,269.14.

    The North-East zone recorded the highest regional average diesel price at ₦2,603.00 per litre, while the North-West had the lowest at ₦2,409.34.

    Global Factors Driving Fuel Costs

    Energy analysts attribute the sharp increases in petrol and diesel prices to rising geopolitical tensions in the Middle East.

    The uncertainty surrounding key global oil supply routes, particularly the Strait of Hormuz, has contributed to volatility in international crude oil prices, increasing landing costs and ultimately pushing up retail fuel prices in Nigeria.

  • Cooking Gas Prices Jump Nationwide as LPG Hits ₦1,700 Per Kg, Marketers Warn of Crisis

    Nigeria’s cooking gas market is facing fresh pressure as prices of Liquefied Petroleum Gas (LPG) surge sharply across the country, with marketers warning of worsening supply conditions and growing economic strain on households.

    The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) says prices have climbed to between ₦1,500 and ₦1,700 per kilogram, up from about ₦1,300 in recent weeks, describing the development as “sad and very pathetic.”

    Gas Prices Hit New Highs

    According to the association, the rising cost has pushed a 12.5kg cylinder of cooking gas to over ₦21,000 in many parts of the country, making it increasingly unaffordable for average households.

    NALPGAM President, Edu Inyang, said marketers are now paying between ₦25.2 million and ₦26.2 million for a 20-metric-tonne truck at depots, a cost structure that is driving retail prices higher nationwide.

    Supply Shortages Driving Crisis

    The association blamed the price surge on supply shortages, reduced local production, high depot charges, and rising logistics costs.

    It also noted that Nigeria’s heavy reliance on imported LPG, despite its vast gas reserves, continues to worsen price instability in the domestic market.

    Households and Businesses Under Pressure

    The rising cost of cooking gas is already forcing many families to consider alternative cooking methods, including firewood and charcoal, raising concerns about health risks and environmental damage.

    Small businesses such as restaurants and food vendors are also feeling the impact, with fears that some may be forced to scale down operations or shut down completely if prices continue to rise.

    Calls for Urgent Government Intervention

    NALPGAM has called on the Federal Government, regulators, and the Nigerian National Petroleum Company Limited (NNPC) to urgently address supply bottlenecks and boost domestic production.

    Marketers warned that without immediate intervention, the situation could worsen and trigger further hardship for millions of Nigerians dependent on LPG for daily cooking.

  • Isaac Fayose Slams Reno Omokri Over UK-Nigeria Petrol Price Comparison

    A fresh debate has erupted online after social commentator Isaac Fayose publicly criticised Reno Omokri over his recent comparison of petrol prices in Nigeria and the United Kingdom.

    Fayose reacted in a viral video circulating across social media, accusing Omokri of ignoring the realities of low wages and rising living costs in Nigeria.

    Fayose questions fuel affordability in Nigeria

    The businessman argued that comparing fuel prices in both countries without considering purchasing power was misleading.

    According to him, Nigerians earning the newly approved ₦70,000 minimum wage cannot comfortably afford petrol reportedly selling around ₦1,400 per litre.

    Fayose stressed that after deductions for feeding, rent, transportation and other expenses, many workers would struggle to buy enough fuel to sustain daily activities.

    ‘UK workers earn more’

    He also compared Nigeria’s wage structure with that of the United Kingdom, insisting that workers abroad earn significantly more despite paying higher fuel prices.

    Fayose said higher salaries and better living conditions in the UK make fuel purchases less burdensome for residents there.

    The social commentator maintained that focusing only on pump prices without considering income levels creates a false narrative about affordability.

    Fayose accuses Omokri of defending government

    During the emotional video, Fayose also accused Omokri of defending government policies in order to remain in favour politically following his recent ambassadorial appointment.

    He repeatedly questioned why Nigerians should continue paying high fuel prices amid worsening economic hardship and rising inflation.

    The criticism comes after Omokri claimed petrol costs in England had risen to about ₦3,200 per litre, arguing that fuel price increases are a global issue and not unique to Nigeria.

  • Dangote Refinery Denies Fuel Price Hike, Says Petrol Price Remains Unchanged

    Dangote Petroleum Refinery has dismissed reports suggesting an increase in the gantry price of Premium Motor Spirit (PMS), insisting that its ex-depot price remains unchanged.

    The clarification was issued on Wednesday in response to viral claims circulating on social media that the refinery had adjusted its petrol price upward.

    Refinery counters viral price hike claims

    According to the company, the reports alleging a ₦75 increase in ex-depot price from ₦1,275 to ₦1,350 per litre are false.

    It described the speculation as misleading and urged the public to disregard unverified information being shared online, particularly on X.

    Commitment to price stability

    Dangote Refinery said it has maintained its current pricing structure as part of efforts to support stability in Nigeria’s energy market.

    It added that the decision is aimed at cushioning the impact of global economic pressures and reducing inflationary risks.

    “Price remains unchanged” — company insists

    The refinery stressed that it continues to absorb cost pressures to ensure steady fuel supply and affordability in the domestic market.

    It also reaffirmed its commitment to energy security and the consistent distribution of petroleum products across Nigeria.

    Public urged to rely on official updates

    The company advised Nigerians to depend only on official statements from Dangote Petroleum Refinery and Petrochemicals Limited for accurate pricing and operational information.

  • Reno Omokri Claims UK Fuel Hits ₦3,200/Litre, Sparks Fresh Debate in Nigeria

    Former presidential aide Reno Omokri has stirred fresh conversation after claiming petrol now sells for as high as ₦3,200 per litre in England, using the comparison to argue that rising fuel costs are a global issue.

    The comment followed a video he recorded shortly after arriving at Heathrow Airport in the United Kingdom.

    Conversation with UK driver fuels claim

    In the video, Omokri engaged a cab driver who said diesel prices were nearing £2 per litre, while petrol ranged between £1.65 and £1.85.

    The driver noted that prices had climbed from earlier levels of about £1.30 to £1.40 per litre.

    Omokri estimated the increase at over 30 percent, a claim the driver appeared to agree with.

    “Fuel hikes are global”

    Omokri used the exchange to argue that Nigeria’s fuel price situation should be viewed within a broader global context.

    He said geopolitical tensions, particularly in the Middle East, are driving price increases across countries, regardless of whether they produce oil.

    “Price increases are not limited to Nigeria,” he suggested.

    Oil production not equal to cheap fuel

    The cab driver also noted that the UK produces between 700,000 and one million barrels of crude oil daily, yet still faces rising domestic fuel prices.

    Omokri pointed to this as evidence that oil-producing nations are not immune to global market forces.

    Mixed reactions trail comparison

    The claim has triggered debate online, with some Nigerians agreeing that global trends influence local fuel costs, while others question the accuracy of direct currency comparisons.

    The discussion reflects ongoing public concern over petrol pricing and economic realities in Nigeria.