Nigeria’s fuel market is seeing another upward shift as the Dangote Petroleum Refinery has raised its ex-depot price for Premium Motor Spirit (petrol) by ₦75, bringing the new rate to roughly ₦1,350 per litre.
This marks an increase from the previous ₦1,275 per litre set just weeks earlier in April 2026.
The adjustment reflects ongoing volatility in the global oil market, which has continued to influence domestic pricing.
Across the country, the impact is already being felt, with pump prices in some locations nearing ₦1,400 per litre.
Industry observers point to a mix of factors behind the persistent rise in fuel costs, including fluctuating crude oil prices, pressure on the naira in the foreign exchange market, and supply-related constraints within the downstream sector.
With deregulation firmly in place, these variables now play a central role in determining petrol prices.
Confirmation of the latest price change came from a senior official at the Dangote Refinery, as well as data from petroleum pricing platform Petroleumprice.ng.
Meanwhile, the Federal Government has reaffirmed its stance against reintroducing fuel subsidies.
Speaking in Paris during a meeting between President Bola Tinubu and international investors, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made it clear that subsidy payments will not return.
According to Oyedele, past subsidy regimes distorted the economy and are not aligned with the current administration’s reform agenda.
He also dismissed the possibility of government-imposed price controls, emphasizing confidence in a market-driven system.
“The government will not go back to subsidy, and we won’t fix prices,” he said. “We believe the market should determine outcomes.”
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He added that evolving geopolitical developments, including tensions involving Iran, could open new doors for Nigeria as global players seek alternative energy sources and investment destinations.